Leibowitz on Trade: The Globalization of Process—Promise and Danger

The Biden administration took office not only in the midst of a pandemic, but a global rethink of economic opportunity and outcomes. It’s one reason that global institutions, such as the WTO and the International Monetary Fund, are suffering from a lack of respect and influence, not only among general populations but opinion leaders and governments as well.

Let me open the bidding with three developments of interest in gauging the changing opinions: (1) defining “equity” as a measure of outcome by race or ethnic group; (2) a border tax on carbon; and (3) international agreement on minimum corporate tax rates. These developments portend changes in our economy and our culture that will impact international trade, foreign relations and our global future.