If history is any guide, protectionism comes and goes, so the current rising tide will recede eventually.
Jong Woo Kang
Jong Woo is a seasoned economist with extensive knowledge and experience on policy and strategic issues. He leads the publication of Asian Economic Integration Report. Jong Woo’s areas of research interest include regional integration, inclusive growth, macroeconomic and trade policies, and aid effectiveness.
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One plausible reason for the shock result could be unequal distribution of benefits from globalization and free trade.
Beyond political rhetoric, the question is whether the current trend is indeed ominous of growing protectionism on the horizon.
The developing world has a long way to go to reach the stage of financial sector development of advanced economies.
200 years after David Ricardo, the philosophical ground of comparative advantage and gains from trade still remains strong.
Only history will tell us if the North Korean industrial complex was a missed SEZ opportunity, or the time was not yet ripe.