Towards the end of the last decade, globalisation – the lowering of barriers to cross-border flows of goods, services, investment and information – came under severe pressure.
Populist politicians in many countries accused others of various economic wrongs, and pushed to rewrite trade agreements. Developing countries have argued for decades that the rules governing international trade are profoundly unfair. But why are similar complaints now emanating from the developed countries that established most of those rules?
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Project Syndicate
Raghuram G. Rajan, former governor of the Reserve Bank of India, is Professor of Finance at the University of Chicago Booth School of Business.
