The International Trade Order and its Discontents

A Return of Economic Nationalism and (Neo-) Mercantilism?

The multilateral trade order that was shaped in the decades after the Second World War has underpinned rapid expansion of international commerce, specialisation and economic interdependence. That order is now severely challenged. Rising tariff and non-tariff barriers, the use of trade and investment policy for political ends, export controls, and a renewed turn towards industrial policy suggest that geoeconomic considerations are reasserting themselves over the post-war commitment to broadly open, rules-based exchange.

To what extent does this add up to a genuine break? Does the evidence indicate a return to the economic nationalism and mercantilist practices characteristic of earlier eras, or merely some adjustment within an otherwise stable, if evolving, system? What role do geopolitical fragmentation, great-power rivalry, and domestic political economy play in driving these shifts? What does the historical evidence on trade regimes tell us about the durability, or fragility, of ‘liberal’ trade orders more broadly?

These issues are explored by the panel of experts this event brings together.

Meet our speakers

Alan Beattie, Financial Times, writes the Trade Secrets newsletter and an opinion column covering international trade, globalisation and the intersection of geopolitics and economics.

Miriam Manchin, UCL, is Professor of International Economics, and her current research interests include economic integration, cross-border production chains and employment, and trade and development.

Kevin O'Rourke, Sciences Po, is an Irish economist and historian who specialises in economic history and international economics.

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