Free trade under siege

"Free trade"— for some it is a boon, for others a boondoggle. Blessing or curse, it will retain a central role in political discussions and policymaking for the foreseeable future. Irrefutably, the Golden Age of Neoliberalism (the mid-1980s through the 1990s) with its emphasis on market liberalization, deregulation, prudent fiscal and monetary policies, and a reduced role for the state is over and most likely never to return. An outward looking, market-oriented posture has given way to an inward-looking, hard-edged nationalist-populist-isolationist orientation. In terms of trade policy, both political parties have tapped into a growing sense of frustration and anger…