Comment by hilbert42

Trade agreements, the WTO, its rules and appellant system, only work if nations are at peace and that peace is sustainable. We've just lived through a remarkably stable period of 80 years (since WWII) without which WHO, free trade and trade agreements could not have existed as we've known them. That era is seemingly now over, and the WTO is falling into irrelevancy.

Unfortunately, in the decades since the 1970s laissez faire economics/capitalism with its immediate need for quick profits, short-termism, a penchant for deregulation and ignoring traditional business ethics has meant that governments have ignored their long-term strategic interests. Despite the dangers of these policies being blatantly obvious dangers from the outset many Western governments encouraged such practices. Now it's payback time, and it'll be expensive—likely more than if the old order had been retained.

Anyone with a sense of history could see the headlong rush to deregulatate markets, indiscriminate reductions in tariffs and free (and indiscriminate) trade, would ultimately result in leaving many countries strategically vulnerable and open to exploitation by others.

We're now witnessing the true cost of these policies and what it means to have lost critical industrial infrastructure, loss of production know-how along with the loss of skilled workers, and an ongoing deskilling of the workforce all of which took decades if not centuries to build up.

With more nuanced policies much of the pain could have been avoided.

Rebuilding a strategic manufacturing infrastructure to insure resilience and independence in an increasingly uncertain and divided world will be costly and difficult.