The shifting contours of trade under hyperglobalization

The backlash against hyperglobalization is gaining momentum with the international trading system on the front line. This is a surprising turn of events. As discussed in previous Reports, the roots of the heightened insecurity, indebtedness and inequality that are hallmarks of the current era stem more from the workings of the financial system than the trade regime; and that regime proved robust in the face of the economic fallout from the global financial crisis. Moreover, using tariffs to mitigate the problems of hyperglobalization will not only fail to do so but runs the danger of adding to them, through a vicious circle of retaliatory actions, heightened economic uncertainty and slower growth.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Reduced Inequalities