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that because I work here. Get started today at banta.com. Hi, I'm Ravi Agrual, Foreign Policy's

editor-in-chief. This is FP Live. Welcome to the show. So there are several

new terms that seem to be gaining currency these days. You've heard them before. Near-shoring,

decoupling, de-risking. And here's a big one, de-globalization. All of these terms are wonky, yes. But if I had to

explain them more broadly, I'd say that they suggest that countries are increasingly suspicious

of trade. After the global financial crisis in 2008 and 9, and then especially after the pandemic, countries felt that they needed to

protect their domestic economies. They needed to secure their own supply chains. You'll remember

how this played out during the pandemic. All of us woke up one day and realized, oh, China

makes all the face masks. Hence, nearshoring. And some of this, to be clear,

is necessary. You don't want to put all of your eggs in one basket. But there's something

bigger going on here as well. It's a reversal of a decades-old consensus that more trade

and more opening up will always help the world's economy.

There's a sense, in other words, that globalization might be broken and that it needs to be

reimagined. But if it does, how should we think about doing that? And to answer those questions

or to begin to answer those questions,

you have to consider the role of the World Trade Organization. The WTO oversees 98% of all trade.

For much of the 20th century, it helped economies open up, and it also helped give consumers more

...