The Coming Decline of Globalism

  • We have been assured that democracy and individual freedom is necessary for economic innovation, yet Chinese state-backed companies like Huawei and Alibaba not only lead the way in innovation, but are also proving capable of outperforming their competitors on the world stage. China’s mercantilist economic system and protectionist development policies now pose a serious challenge to the WTO based world trading system, yet there is little they can do to stop it. The CCP governs in China’s interest, and adopting free trade policies simply isn’t in China’s interest. President Trump has also sidestepped WTO rules to wage a unilateral trade war with China, as well as imposing tariffs on allies like Japan. The World Trade Organisation was founded in 1995 with the intent of opening global markets, expanding free trade and regulating commerce. International organisations like the WTO and IMF have become synonymous with globalization, yet their legitimacy and relevance is increasingly under question.

https://www.unz.com/article/the-coming-decline-of-globalism/

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