Um, remember when Brexiters were screaming with joy 'Go go WTO?'
👇🏻#BrexitChaos #BrexitLies #WTO
👇🏻#BrexitChaos #BrexitLies #WTO
https://twitter.com/EuropeanPowell/status/1556003498155819008
From the article
What are the implications of a permanent collapse of the international trading system?
Very real danger from such a breakdown is a return to what we saw in the 1930s. In response to the outbreak of the Great Depression, you had countries imposing trade barriers>
What are the implications of a permanent collapse of the international trading system?
Very real danger from such a breakdown is a return to what we saw in the 1930s. In response to the outbreak of the Great Depression, you had countries imposing trade barriers>
blocking imports from other state, and a general escalation of tit-for-tat protectionism. This response wound up not only exacerbating the effects of the depression itself but has also been credited by some as paving the way for the outbreak of the second world war.
Reason why institutions like the WTO were created in the first place was to prevent a recurrence of the 1930s protectionist trade spiral.
The danger now – if those rules become meaningless and unenforceable – is the institutional foundations of postwar economic prosperity could unravel, throwing us back into economic chaos and potentially political disorder.
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