Globalisation, already slowing, is suffering a new assault
Subsidies, export controls and curbs on foreign investment are proliferating
Trade ministers are not known for histrionics. Yet South Korea’s, Ahn Duk-geun, is alarmed. The world is on the verge of opening Pandora’s box, he warned last month. If the European Union follows through on threats to mimic America’s protectionist industrial policies, “Japan, Korea, China, every country will engage in this very difficult race to ignore global trading rules.” The international system of trade and investment, painstakingly negotiated over decades, will be upended.
This article appeared in the Briefing section of the print edition under the headline “Efficiency be damned”
Briefing January 14th 2023
From the January 14th 2023 edition
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Has the war in Gaza radicalised young Palestinians?
After Gaza, how will the Palestinians try to build their state?
A year on, Israeli society is divided about the lessons of October 7th
Hawks and doves, religious and secular, right and left—all the old cleavages are resurfacing
The bloodshed in the Middle East is fast expanding
Israel seems certain to retaliate to Iran’s missile attack
What Hamas misunderstood about the Middle East
A war meant to draw in the militant group’s allies has instead left them battered
After the decapitation of Hizbullah, Iran could race for a nuclear bomb
The embattled clerical regime might feel the need for stronger deterrence
Ukraine is on the defensive, militarily, economically and diplomatically
Russian advances, fatigue among its allies and political divisions at home leave it in a bind