Economic Indicators 

In defence of globalisation

Chris Dillow

Chris Dillow
In defence of globalisation

The pandemic is accelerating the retreat from globalisation. The World Trade Organisation (WTO) expects that world trade will fall even faster than output this year; companies are reconsidering whether long international supply chains really are reliable; and governments around the world are trying to reduce reliance upon imported medical equipment. All this is reinforcing pre-existing trends. As Stephen Davies of the Institute for Economic Affairs points out, in the new political alignment of cosmopolitans versus nationalists (which is of course not confined to the UK) there’s a large constituency which is antipathetic to globalisation.

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