TRADE: Making sense of trade policy*

The Treasurer has been in the news lately, disseminating a somewhat confusing message about globalisation.It is, according to Mr Costello, here to stay, whether we like it or not.He’s right, of course, in this one sense. There is a phenomenon properly called globalisation. And it is here to stay. But it isn’t what the Treasurer means by globalisation. Properly identified, the concept of globalisation is nothing more than recognition that, over time, the world has been drawing closer together. In…

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