For the past three decades, the general political consensus in the mature Western economies has been that trade liberalization is a good thing: most economists credit rising levels of global trade and cross-border investment with lifting nearly a billion people out of poverty in the developing world and reducing prices for consumers almost everywhere. Yet despite those successes, a growing segment of the public in the mature economies sees the impact of liberal trade policies quite differently— the revisionist view sees free trade as a major cause of the declining prosperity in the mature economies. Why has an anti-globalization consensus developed?
Asia is seeing growing rivalries—and also the enduring influence of the US. In the post-war years it was perhaps easy to take for granted the deep and vast sway held by the US in Asia—from its significant role in the Asian Development Bank to its closeness to regional powerhouse Japan. China’s recent rise has reconfigured the terms of politics, economics and trade in Asia—and the world. That has informed the US’s much-discussed ‘pivot’ to Asia, a key plank of which has been the Trans Pacific Partnership (TPP). Are China’s prospects in trade and regional influence hampered because it is not a signatory of the TPP?
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