12 Jul, 2020
Mending the Global Trade System in the Pandemic Age
By Dr Mohammed Faiz Bin Shaul Hamid 0 Comments
In an era where states have lost some power and influence in determining trade and investment decisions to global firms, the global economy is confronted with rising protectionism that appears to be the penultimate tool available to states that are losing control of the complex fragmented production networks that form the Global Value Chains (GVCs). The situation is exacerbated with the current ongoing global pandemic. Although economists have long shown that trade liberalization has positive welfare effects, some preconditions of such trade liberalization are today not entirely controlled by ...