Magazine
Latest Issue

Economic analysis: The world is turning its back on trade—that’s a big mistake

Countries always get richer when they are more open. Why has this lesson been forgotten?

The World Trade Organization (WTO) headquarters in Geneva, Switzerland. Photo: Xu Jinquan/Xinhua News Agency/PA Images

Donald Trump’s assault on multilateralism and on the World Trade Organisation, aided and abetted by an equally misguided team of advisers, requires a spirited response from free traders such as Paul Krugman and Douglas Irwin (both students of one of the authors of this article).

But Trump also attacks free trade itself, embracing the notion that it is a pernicious public policy. This “protectionist fallacy” is unfortunately not his alone. In fact, it is…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect