International trade can help stabilize economies and lead to less tension between countries
As the world’s powers expand on their commitment to engage in more international economic trade, there is a renewed promise to protect globalism. This push has been inspired by economic experts, including the former president of the World Bank, who recognize that the engagement is the only way to ensure that globalism is adequately protected.
As regions such as the US and the European Union (EU) increasingly become more protective, there is a need to fight more in order to preserve free international trade. International trade can bring economies – and people – out of poverty and leads to increased stability and worldwide integration.
International economics experts agree that, despite benefits to globalization, policymakers need to create solutions that will minimize unavoidable consequences. One of the biggest consequences is that there will always be winners and losers.
The EU was created out of an effort to unify countries and work toward common goals. However, the union has retreated over the years, instead of doing more to lobby for globalization. Many economists feel that the EU has the obligation to lead the way toward improved international trade agreements.
There has been an increase in anti-globalist movements over the past couple of years that are influencing politics and challenging economic integration. These groups have been seen in the EU, including individually in countries such as France and the UK, as well as in the US.
The US-China trade war is a perfect example of an anti-globalist movement. Countries are using trade as a bargaining chip and this is a destructive action that, if not put in check, will only get worse.
