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Economics

The Political Economy of Trade Liberalization and Protectionist Backlash

Quick fact

Since 2008, countries have imposed more restrictive trade measures than liberalizing ones, marking a reversal of decades of trade liberalization that followed World War II.

Why this is interesting

We hear a lot about the benefits of free trade, yet we also witness trade wars and Brexit. Why do countries so often turn their backs on openness, even when economists warn it makes everyone richer?