Global trade and economic order

Won-Yong Oh

Chapter 3 in Market Capitalism and Social Responsibility, 2026, pp 39-59 from Edward Elgar Publishing

Abstract: This chapter traces the historical evolution of global trade and the world economic order, from classical theories of absolute and comparative advantage to the neoliberal globalization of the late twentieth century. It highlights the expansion of free trade under British hegemony, the collapse during the Great Depression, and the postwar reconstruction through GATT and the WTO. The rise of neoliberalism and global supply chains brought efficiency and growth but also inequality, job losses, and financial instability. Recent developments—including protectionism, economic nationalism, and supply chain restructuring—underscore the tension between efficiency and fairness. Ethical debates surrounding free trade and protectionism emphasize issues of inequality, labor rights, and environmental sustainability, revealing the need for a balanced approach that integrates economic growth with social justice and global responsibility.

Keywords: Free Trade; Protectionism; Globalization; Neoliberalism; Economic Inequality; Varieties of Capitalism (search for similar items in EconPapers)
Date: 2026
ISBN: 9781049409207
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