Advocates of an open economy face rough road

Much depends on the evolution of domestic politics in high-income countries, especially the US

History does not repeat itself, but it often rhymes - words sometimes reputed to have been said by Mark Twain. Even if he did not say this, he should have done.

Since the industrial revolution, the world economy has experienced two great waves of economic integration or, as we now call it, "globalisation": in the late 19th and early 20th centuries, and the late 20th and early 21st centuries.

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A version of this article appeared in the print edition of The Straits Times on January 21, 2019, with the headline 'Advocates of an open economy face rough road'. Print Edition | Subscribe