After World War II, a consensus emerged that increased global trade, with fewer barriers, would be a key element in promoting peace and prosperity around the world.
Leading nations of the world took several initiatives in this direction, starting with the Bretton Woods Conference of 1944, which led to the establishment of the international monetary system, and the 1945 San Francisco Conference, which led to the founding of the United Nations, and then on to the 1951 Treaty of Paris, which established the European Coal and Steel Community-the precursor to the European Union. The impact of free trade, liberal economic policies and the promotion of democracies helped in the economic recovery of war-devastated western Europe, Japan and the Far East.
However, the past decade has been highly turbulent due to economic and political reasons, and the imperfections of the global trade system itself. The COVID-19 pandemic was a black swan that further impacted trade. Thus, today, we witness an increasingly polarized world, where countries are turning inwards.
Will an era of expansion and integration in global trade now change to one of isolation and retreat? How will the power dynamics of major nation-states affect the future of global trade?
In The Global Trade Paradigm, Arun Kumar looks at the global trade ecosystem and the stresses it faces today. Based on considerable research and informed by Kumar's rich experience of more than four decades in multiple sectors, from high technology to government, this book presents ways in which the rapidly evolving forces-geopolitics, nationalism and technology-are reshaping the global trade system.
