Readings: The gated globe, from economist website Provide the su...

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Readings: The gated globe, from economist website

Provide the summary brief of the article, discuss the following:
1. The main argument of the article
2. The basis on which arguments are made
3. How the article fit on the world trade

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Answer 1:
This paper is based on the article by The Economist (2013). This article is based on the argument that irrespective of the emphasis on free trade after the Great Depression of 1930s, there are some types of trade restrictions in place. Even though economies are opening themselves to foreign flows, there are restrictions in terms of the funds and resources that can move in and out. As such, the economies are gated economies that allow free passage of those resources only that would be beneficial for them. Government is becoming selective in determining their trading partners and allowing funds. Even though protectionist measures have declined, Governments want to insulate the economy from the negative aspects of globalization such as volatile flows, high levels of imports, etc. The recent recession and economic crises have also deterred the growth of international trade. Regional and bilateral pacts are gaining more importance than the multilateral World Trade Organization (WTO) so that the economies can determine their trading partners and open accordingly. While some economies such as China, India, Russia, Brazil, etc. had not been as severely impacted as the developed economies of the world during the last recession due to their state capitalist policies, these policies are creating issues such as property bubble and inflation in the economies....

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