A container ship operated by the China Ocean Shipping Company docked in the Port of Oakland in California. (Beck Diefenbach/ Courtesy Reuters)
After World War II, the United States spearheaded a historic era of global trade liberalization. Successive U.S. administrations, Republican and Democratic alike, rejected protectionism to forge multilateral agreement to improve market access for trade and investment. The results were impressive. By the end of the twentieth century, the world enjoyed unprecedented prosperity, poverty had declined dramatically, and international trade had dampened political tensions across the globe. Thanks to rising living standards, the U.S. public and Congress strongly supported globalization.
Those days, alas, are over. Read more »