Comparative advantage in de-globalisation: Brexit, America First and Africa's continental free trade area.
Ezeani, Elimma C.
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EZEANI, E. 2018. Comparative advantage in de-globalisation: Brexit, America First and Africa's continental free trade area. Journal of international trade law and policy [online], 17(1/2), pages 46-61. Available from: https://doi.org/10.1108/JITLP-01-2018-0005
This paper examines the relevance of the theory of comparative advantage in the present realities of a world undergoing de-globalisation, that is, a retreat from closer integration. It presents eight arguments which analyse the theory as posited by Adam Smith and David Ricardo and which theory remains the underpinnings for trade liberalisation as regulated by the World Trade Organisation (WTO). The arguments do not contend with the role and achievements of the WTO in the era of globalisation. Rather, they call for an acknowledgement of the changing realities of countries in the face of changes in the political, economic and legal landscapes, across the globe. This is an original submission by the author.