An era of globalisation is drawing to a close as international trade comes under pressure of protectionist policies. TPP has yet to be ratified while RCEP has stalled.

The current American presidential campaign has drawn attention to those who have paid the price for open markets, rapid international economic growth and the rise of the new economy over the past two decades seeking to change the nature of the debate. Inward-looking protectionist policies have attracted growing support.

An era of globalistion may be drawing to a close, just as an earlier era of globalisation at the beginning of the 20th century was destroyed by the First World War and the rise of protectionist policies during the Great Depression of the 1930s.

… Barry Desker is Distinguished Fellow, S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University, Singapore. This appeared earlier in The Straits Times.