Calling the protectionists' bluff

Most reports about globalisation in recent years have focused on its problems, such as declining levels of trade and the abandonment of “mega-regional” trade agreements. Indeed, US President Donald Trump has now terminated the Trans-Pacific Partnership (TPP) — a trade deal among a dozen Pacific-rim countries, including the US and Japan; and negotiations on the Transatlantic Trade and Investment Partnership (TTIP) between the US and the European Union have come to a halt.

But headlines can be misleading. Although new trade deals can spark controversy, it is highly unlikely that protectionism will prevail. This is true even in the