For 75 years, the growth of world trade has spread prosperity to much of the planet and all these successes were based on the nondiscrimination principle /Edward Alden, Foreign Policy, 21 July 2021/.
Indeed, by definition nondiscrimination meant the victory of free trade and globalization. Both were the bedrocks for the victory of the great maritime powers, the British Empire and the United States of America.
New trade restrictions, the carbon border tax, labor protections, human rights and other criteria for trade will put an end to free trade and globalization.
Can we really take for granted that de-globalization, “managed trade”, newly divided economies by social values, ideologies and environmental commitments will ensure the future victory of freedom, prosperity for all and incumbent western powers?
I don’t think so.
Governor Matolcsy, MNB, the Central Bank of Hungary