15 years ago, Joseph Stiglitz, published his book entitled “Globalisation and Its Discontents”, which wished to explain why there was a considerable amount of dissatisfaction with globalisation within the developing countries.
Notably, global trade agreements were separated for being particularly unfair. Moreover, many were of the opinion that the system was manipulated against their favour.
Following the dissatisfaction with globalisation, it has initiated a new wave of populism in the US and other advanced economies, which are led by politicians who believe that the system is being discriminatory towards their countries.
President Donald Trump argues that America’s trade negotiators were frustrated by those from China and Mexico.
However, the US was heavily involved in the creation of the institutions of globalisation. For example, the US still has veto power in some institutions such as the International Monetary Fund, despite a minimised role in the global economy.
How can a trade agreement, which was supposed to benefit developed and developing countries, be unfair to everyone involved?