Is Globalisation in Retreat?

Last night, I had the pleasure of attending a captivating lecture by Professor Douglas Irwin at the University of Canterbury.  His insights were particularly relevant for our New Zealand, a relatively small open economy that heavily relies on free trade and benefits from a rules-based international system.  Professor Irwin highlighted the shifting dynamics of the global landscape, as we transition from a rules-based to a power-based system, with consequential inefficiencies.

During his lecture, Professor Irwin delved into the evolution of free trade since 1800, outlining five distinct eras - 1985 - 2005 was a remarkable era. It was a fascinating journey through the development of global trade, a narrative not inspired by Taylor Swift, but nonetheless, equally compelling.😁