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International Economics, Second Edition by Paul Torelli

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Postscript (2017)

There is nothing permanent except change.

—Heraclitus (5th century BC)

The year 2016 offered two bombshell elections with twin results no one had anticipated: Great Britain collectively decided to exit the European Union, and Donald Trump was voted President of the United States. Although electoral margins were extremely slim, British and American citizens were expressing frustration with hyperglobalization, notably its failure to provide widely shared economic benefits to those disconnected from wealthy high-tech hubs such as London, New York, and San Francisco. A strong case can also be made that ostensibly non-economic factors—such as irritation with pluralism, open borders, and weakened national identities, particularly ...

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