Publication

This paper sheds light on the post-crisis state of play in international trade. It describes the political and economic context for international trade up to 2007/8 and summarizes the crisis-induced deglobalization and its differential impact on the West and emerging markets. This is followed by an assessment of crisis-related protectionism, and then a ‘review of the troops’: the major players in global trade policy, starting with the US and EU, and covering Japan and major emerging markets. Finally, the World Trade Organization and Group of 20 are discussed and observations are made about the regional and global economic governance of emerging markets.