• Globalization,  Research

    WTO’s Overreach Explains its Growing Irrelevance

    Contrary to the optimistic predictions of free trade theorists (and their seemingly scientific economic models), free trade agreements haven’t been beneficial for all participants in international commerce. Rather, for many reasons (including the emergence of large trade imbalances, deindustrialization, and lasting unemployment), business-friendly trade agreements have produced ‘losers’ as well as ‘winners.’ Moreover, losses have been concentrated in particular industries, regions, and social groups – fostering a backlash that has disrupted trade flows, and thrown into question the future viability of the WTO itself. Ironically, part of the failure of neoliberal trade policy rests with the overreach of those trade agreements (including the WTO), which have gone far beyond simply…