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This paper offers a global perspective of the political economy of the liberal trading system since the Great Depression and examines four major intellectual and socio-political challenges facing international trade and globalization going forward, including: (1) income redistribution, (2) the rise of Asia and a potential shift in comparative advantage, (3) the rise of China and the national security argument, and (4) the lack of compelling dynamic evidence supporting free trade. Given the growing domestic and global discontent with free trade, and the fact that these exacerbating issues remain, this paper suggests that U.S. and global trade policies may shift away from the liberal trading system.
Hillebrand et al. (Wed,) studied this question.