The End Of Western Globalia?
Since the 1970’s, international trade has continuously been promoted by leaders of developed countries and economic agents. Several theoretical frameworks have been put forward to explain the benefits of a free trade environment, from Adam Smith’s concept of absolute advantages to more recent firm-based theories. However, the reality is much more nuanced, especially after China’s entry into the WTO in 2001, and questions arise as to the sustainability of the current model. While the development of free trade activity could be regarded as a sound intellectual victory for Western capital...
Source: zerohedge.com