Brexit and Protectionism: Two More Nails in Globalization’s Coffin

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?[wڃC~uNӓL-C+e;/HWE41湹#UbLA'j:p[ S[]E|\rEPd#0u;AVmy;dcP g\gE"n'ҡ}aXRK4{G#5.M#&[VqS[Pk9%Ene.!4DOw#YU99s ҩП…M-c4VDߥI6i%r1x})Jه]I'bsPK#P OK0Ts:Ie(Cj9|j 9QIJ =?RO*{u2q w3IY#jUӯ&őH:zU5h"_ʰ Dѵ'g1UYWՉA5eЭG/@7#$,}jd_V.l:(ۏ0NG#[a <?]pR肋>k 9* V~б-!) ϹJ|-HVbSxW,}Kx(L>NH;^!O_-qOqqIS[Ak܂()1EcSMjt[fO^ O*yL_ t. ]9z/^.=Bǜ9N~̟YOi㭲~U1M8%nH^']P#_ bJ_btӸsQ,l?*$Rd @d T_ʵH0f_T#GHtGEjSp( -:(/[ӡ{I2WPJ61ڋ\wg˾6mA )Р(Zǭa˱lI=蒶ӕozzhA6ֻ;Rr(rw:r/om7',SKDZzw*/ Fe)ʞ+ѓr{Si͹_r³qjy#Mep9Wajf[y2b_ # SѪK:T*ksj>2Kf9 SJȸlgc C:8Ǻ.LLf#H`Uȁzҩbpx {TҸ5y(njL ad8tJž[7_Nfg9fmgfU'c2kW&==|xj'kJ.ə85"Ք`8K"2O&TYh{WYiFnj۷j[ŘI^)\65\ZθuuQh՜~tc$zRgY{6m̑`g>Rki琿 2Gؘ&VH2qPd 'Em{-ˑA~Dyir1u㠾G.޵cB71=^cYǥYȪz7w=UYs-Qz= :J) Qp۪ c;̫pcjII O,z Gnw @~ 7Qbր0#җ(=i BԛrnBM8b:I4zSESi&_1[0Π RT45 ݨ1CV-[i baY{xv6BqHӊ_Xr2mP ??Z1V0о})LR"=/Dj|eTdAa\%,ωڌ!cnJy]{`ԩ)SY '⢓4泙O[şr'j\8_°d =+{N\Xלz2ב+ dNAt_o8#sKv1 V|hiOپGvUPwJ?:4Ì{T:tE2\/>潿oK)ƢJȆfy8ڕEv%[ً7I*̿C\dOM] tcdfShUL~&Qǥ(5vLOBqLP].UVLQ(]chخjMBwzD\6(u*@kO; 5fq >2@&J"3>ltGbaE[3X/[K5?+Yq]/gW+>@9WbcمRN~GFkb ɥ8 uZm0'5ШIov;8U}fBM)5Jkə WHnv4?KrKE~-X2[LXsL éܟm>^nnr?:Ϲ_UV;ҩMdM/g{Zpjj_.hl3sC>ؽ rAޠPx4V>jl:DT7Z'hQ{4Oh?zGv1PMOcI-yE U}G~ERm J8.a>hv%NHwb 0"'ݥFi-&/ ⑲j5q F tJ=9A)?j E#gjE;@I'ſ,,-1 f ;mxsEbw\8 {~NexӠE9k3\ծ5;&BҰ܅;pccVФ57sm+H?xwI4$. 8r3z!M>U@Nj[53LG'U1,$fC_9M"jQ#c֪0$cj܂I &J7;M$iº+<:K!׌?vS qT"%:;T?pcSD@h 0̹9(-y P_8+9Nhœ眃ޟ1P$ t;@zHLslqLdd̪|fNrA8ҝi}3[:fqI'%Y-s LcҬ=Asޖ Lu-O3Ao1ǃqmy^6*s_;0A}zW։<]"¤ (UiǕf#)Z\ǩG蟛U>z+Oh_@CU5!"yVe `H. Wo#*+VQNf ϩhuLz/گK /2j4C=OW"u"_ʻLڀҡ*>-5c**艤K7ԵB G UA5AcR;\{/!sj[5PunȖLUn85BL1y@XWi-\c~6p1O{++jN3a ҩ𡴣4 ,@0!rZ "'ҲnoZD%jae8sKC)TgN5njڔ{j #{y>3F&῏98kQۚkR㚯 g皵VC#]XZ\"٩;TZ`:iԴ0L_L~$|r^ŹX |HɐqL8 Wn-ysW)&sWҊ;(A< \kLv`=Mt Z2A'P34]^})$[U<*-akn4:UJ 7r +,׶v{* r^k1Xw^Y i.&ă$A"B@|/ƓjgC`GEYjQ+D񇏞fkK 8\\43M'T$.XqHT޽k̜*+Bi*+ Yv8H5n,`c'O|Vk=*QLWe꼜AתLVwy*xF3Z],q$,Ul'v2mPČx ;F7"MZhP~`(Hnr٩+cZVX TX70A#Tz3aO*Dab2s]f'Gfjp(G 5nwˑM)#w3ex`Fvdr񱛓Mf(xϨ=1F9c$9c#J!85<m&B;fFͷk\Dm8/p >0ͅ<95/6^q| }*ݲۘJE'&W*3R0?xOc[e>gϸ8J3ڥ6D`2B)$gƦc6!8=jNjؚGnEZd4Ag|'fF?QV#Uݞ3Sڴx)(ÇڽlVx/E'.a5dßơϕ[JLri'g;ӊ}F3קx@3fqOsܦ="f VmH U.m\nJ6<֬'^Nw&,"pfCebe%ܺ)T>܌`miS)ak9Ұ!SO5cztq`nb`{E XB_5={q^uD:^hyKzWNZ<>u rn-*U[7?Pk}pV< sN/QôQS ]t˚͕]Y_!F)y*hK9(ч7sj|Iؕ$ii7jԷ%GZ1zt*O>RZ(Fcp ҋGlYVʋ6籫M*H6 FPC,l㚆j^FÌT_l3ڟ}ȗn!f-Z+F .R0 R>t :Eeɣ*+_!IGa4zI#$Z dĊZfOR*rj9#8PM2\!5Vq* SƇi d1G4iXn Znie-5\ҳ`5IhoIJU|;,lJV<|ofvc]_5uŌG F8R@#X𾦼,UNi}a(Gmɬ^k8\1+.FўALFx ֜k&p1c;@+ʏ=9DcQI8Vn-%?TJ#@NX{s@pI %dA}jSnb 99,?GhÞ?hizl3S`و<>=sU.t rHvs!r<%2E/o#>>v>ޤOu"14 x#U]#ᐦ|ßMjIzX$e`''iGP2]pz#5y[=8m{P5,c? Nj۴D4K˂Ys#PHhvrn̑ )uDDVhoO4Qo L, %`ʠHm qr1ajIRadlWc֧$&<U&4rn~IJ@ێN !1#jXB)4  &@%[ƟBKVvf)m&1&R*[̇+ v?"'~Sq$ĩ?6z^jJbu ^|9dV&uèH{SablRfc0]LOSG#F#֐V1b9&&bxnPuaM71LGCHi }sw*c_D;g!~!G*9'S+>#'W`O><[@z}Ufe*.k)TtFkW]Ldp=5^YÑIy@-Â9z?p-7 ^-C詞éY~\~i~f6uPRGf%Ur(bjΟ~ !jH'V\=kl]F\+\|b+sM\XL %JV.z:6TZ_*-ċeqۊ \Vu(sYDxnL@9-Xrf9'.#LyI1hT5=/ߚGLs-:底:a{.tu{G=+x{ڗ Toq[#nk#VQc>$^{EhA]8h-UrI"`Ljw GE6=Fk~&sv+ K{y3t3TK[ZU'tGqe9QNӬ ٭ B?'Ul!Yu%.iFI>чRj5i8waS^} F~Y^ r[Z]4yx;zkIp),f[VhA2H4c8e&o=^Q.-!TK_0`SE19ӊIUq "U6VqEnܳW-!T֭ 5 'ղMf-{V`0zMmŝEyeltڃ]F#ft9p?t6⎚q9Y4Y,Oz[[`W;dQ@'x-Ks#ݒdNps\UFaHl!F3+N Xva,sT6~)SDpF~ΝNp}8қLFdw;;<{UKhL<}ټ0H.5 ry+lRɤ]ij]\Ÿ]S0UЂ86`IԗAIAR)S'ё~ҿVK%Wrsk9kiٸKC`u&C( I3ǎG銴UrN{w)mbvg# 6k#s.y&ۙȓ0{U8A3zf~dnpC†4orMC6W1I$h1 _2cbd?0+Ux[&6IHMXa $,J Æ_ΠQF@<`?嘔9ɨ|QY#s>b Xv/7jq[[m F%=BݙH=AFPjߕOv6#br^(3R8mb/r84 F-#ү4 񓌏Ӛau|cwSD(vl7/ks'LiU1 b<d.riR8$Gףddpv3doַ0u@ߑ1|mu[S05L4٧ =;RәPX;T!58ʻ}T3\c#ha9ELSJQ5! a&+q^75Q8ޓ>q1\mn:Y[Å{9bϟ%jj W2kյ!?Z]^?+GL#Igi_`SaR#6޿J&c y*8-{I! s$CZbY\!ڽ}Sp(-+XW\=tj+Ys)r{GM Xڑ)Y vp1\ƥi;*[QhTU\~<1 eA-޴ 1$Z_v ʄ+U Ѭɪī8戨LDvvewʓ:"ȫ+]IR3߯5,<Es=JKA׋kx7׮l1u`x+F1+Hȗ ՗ ޕz.j֬0[sq [ZKe)t~o+Vz׿xzMg콈{VWtG$nI}gkemelFk)ޕڧ)؆Jj֎W gު%p2ǯLTΤ9Z:SRNٰb⨌bdc>R;"[ׅM8չ\b݂y(;yZZ^FO4h#,D,x ;pX&NgGrJ&02@l0sNWQ儅@b)K:Ur+U6wT~|M!`"f1p겉Ӧv|5kz%y;3 R7 M.E10~a\wajZ0^x&Ц+%k̃שNFyn"&4ɘo.Ag$zW=ii#]яq'E|HVINxCpN"8uݯ7@|ŷr01@6B"l[R Hbp8k&Wxz՛MC&`+WFRHzZyMA8iA?71`WV+Ucw?d_I稪2A98z>jmJ NNsׂ1O: uʂ^͵Jv;{Fd }j##Z߹@N"t[*F9$ʟJ`KN3ވ2'%j[1'9E"ovXr9`Xcn?WT+& &ٙ,Ҽ}ZISH0x^.>GY1H ϥA x;gҝv?tGD7q9y$8$V;VlywK 7$SLm6`k^Dt|3~6QeJEM#J4۸e~ _JftCRk XJ觍wt!.Ͼ-f}NDb9:W6^ݔH#Y%@sGQv>JTXdm7s^]irgJ I\y/H'GSb>Է*$FT@ 8%+7hE\A pB@>?b6c $>jٝ]a[ A3Nbk"6[a*=:2љX$n:7LU OϓzVxM>n~H:Q0[;ΩT//OҮ\wWdt<}qWOI a_d%Y\9'ءWqڴdcs%sb]1cڈAЊQ*,hr=Y<^}!=i]oݵ`83S-:!e#!3aq}\QגzܷH(}uqœ=:) vYT:Nڑa|Kg3N-fv8kg2ʊֶMpFG#{ǃf,.H?=mJ1^0ө3q4w:i_!2?Z _HI\ }[1NGcϝG-ŒEYEPiȧ@ޡeV\ AiuG۾WOz = ӷ'M~-`x$ :յIuU5i܆YusnZ ۚқUx3C}k5tz! {0[B&k>&=/Po¹=B?+~[a}jCQj}\&^LUzn5sa=򛰣ڮ{&S7穫j={8vMCv,^]xTGFc2)T<{TYnsֽJUd6.Zֳ&Z.FUi#S[r6Z 7"| *'/"@>k8Q@ҝZr˚,rm@y=*͛H ) iM&f=&=q1\}ϻ $&RscDiT'48$depBįŖM ƪ<V$ԎNr3/`kYmIOw Pw+~1tȭ#03G#"FS]yw f ;9s."TwqTۄV 2V{uMtj+vIR.뜌!I+zң<ظJpzciXH:)vӭ%W$0~\V<]6=B [eQr/Ah-fpvCߎvWbdМnr\uM'̡'RAّҁ4JdcήrJ#T:ڬ {sɜF85/k99eTTwlA13N%P2\h"Du`xFu+:h7E>`;V͵[AQ/CYR.^+cJ/`IoH :di3D9綶>jUr'R R׬Νp x%I 5M꩕Am$$tRCm?$G~;0z)>Su~&26jc`GNS.]8FI6GfaW"@W<ǥ%W-GH?P)Ugb@=*?3rvu)J#98X1[Ds\# `.sX(s8ۦȮ^"LHOֽԛ+^C澱XW|.e'F}+>t+3RA."w%|hڟgSŢn\#351Ӛ񥰜3q]Ƴb>G7ypn$ފ#9==mezMd.NO\<nj*eui>jWQ)3mi?0=eG+8ϥN =5%uv5ɍbp?ƭ4HDΣ@;OF'$Yb^c 1SzV4_jX*6g& ܎ՙ4{I95Z'JHLw\WF5,GZ>f*r,} 5) zvKtkvG;.L?^[Qkg&;c_n a5ü1|?Ͻw>}ezDDu0ƽ QGp+FWj穄qZ=& sk|{Wgt3sr=>rO1tlvӥ+ai٬X~ncܺUe9qLlQ$?aӊnǡs29IiR2eʁYinJɑqBc6,vub`zMi$w 9)6ȿ)ޮJ)EK`!1䚜Vā l1a \cUq7#sց,a2G rIr:,(WZA&yZJ̈́{I8zc d'\yrsZb4>U*WlQUsLto@;c5UpIkgN%VV -ݲL0 ؊n: ȥhP|Wn#uAzlo(f/-ɡ+t9kѼO%Tp:Ҩ]B~leOcdSu9 gp^REEWKX9mO5k3]3e.r08MC.C)b#5 -Z6i-((/PsV=>.v34]ŏ֮L[AhŠ~=ǿ%IZGd9%M^EχF, FAS}{vPh0 $TE 0*c)AX*swd8bkS) )`)@: EǕW bHdCGQMd>)r9+9!"/'q1)X #[h,7V^ Q&itlaU]M47sI椤iP{ GҘ=)( E7櫋6@m5'p?5iXw3, `QG3uFU쭙OPbRZ[i+ZF/tT4m=Y;𤯹;P\i2i\n}ô=ҕL`zUɫKjE/َzZ=Rէ?*lN:(+ң/e=iRY}xZv: *diXXŁS5?d9=9@6ɧwg{Pl#T~u<^F֬[p_jVf ; qܡuko +Ԛw|fO?W#Hp~SSrlxW^M9RwNLxM>KE571~Mbm+?Qhmaps5|F~G?ߑ W({~$WH½?kMnzڈ8SSzQ]{XڞR5K+yUY) Sso{sQ뾈=dbœՔD^WB|GOqsDBqQ*.4ne|ǞiKUwV=KČmns(9RE](5ȋXb *'pVKAҙrc@y0qU,Jqt$#,b^ʊLbr!Pޭ^e%3m4 8,,7^u͂:rI6$IvP14y!u5+sz\;{5DlvחSQ5Qȯ.Cfgj!YB3XohqU-KpxX9'<SPL;6>Ҵ-@ RI ;-m$v$܃J6+_)DJ 9kڅ6K t=j~a/Uq9o[^E i>:dcBҗsjv5YP?xcR-/yg.HⰖI=-~ߥL&,W^נXV>YWSןYkepX`z-spMӹ|r/B*_cK_/#X*4l>z0_?0r""t8$Ug9;rźH@N:5ۅYW=zԫ0l+EEc3iKTBHl6ֳPI9?1lOֺ? qwP4]Y\T^+QBEvPnXiߟZ7H,a$1(UQ\ ./&tuWB$u5}9UM^ZG+&% 'ZB;qAn>bYWCHAsy &'h6ƧXݏ$ҿa۸ja7a!L0E>ݾl5%E/t>"6TU&!fiST`:R%R;\Fc7:$g̙`+jHG/ Ub12d橽Rq\)'Fc?5) [i1{Utd&d;}vL r3Ob=ĪFZq=hʙ;)ϑޙ{eCʲa؊m+&w{3#cU˻nyȪX I_2,Jz[UԬ]7ui,5 Nv۸ߥs#=dL.L*DJeo4cULbs)x6m㍣?-1%eK,*|ԓ^SYSpL8sfj֫D>ҤgG-"xa:ׯN9Y)&O:=n2r1ޙy-yAeHg|tsGsc5<=&w,%",>={dmK}ǢαiGnpO^*i=t>Qé{4*XzYe#ץ! 簬zXgu,E\Vo׵Dɱr{3PJf0Vf\gҳG*{:֒/f\!R|<<񑄠TcoH'!sمA9 ZPGL֩ 2T°3Vt $ynfHcI88P װB,c%u=+uoVmyNG1JѵX \±~<\[p5%XUo1喩"G?ݢ6*QGx/R )f}+@YpSo5*n,H } tcN o?WUY_V!jp\Ps֢ri{`ԯxsNc1֬1Pr߸[p]ï-џ+Ҭ&5l1״qXEmncB]z|8u#ʷeL)y$lqVè"lUqM rIVE-j庢5l3*h=᳆#>O{zYv(t z2=i1F(ȥȠ2(Z2=h 4E8FG!(FpiaJO!\aMRri#"5cQ皒SpNyqKҁ!YpƫZ̀5iR1KC-f^R9m?\vJ!sW,+3,! ק]x xWFin,bs>VX: /#rI\ެBi=BdT,JZ6$kJbT*"5Z0RFzos%{`^0C򾞕!uf|cB B!I-5y*gaY~|,`t/[=& 3tqZ֋?4+{6g H!1Etp[IʲAԟ`uK1#OS eMon6AB-scH,QϭWT[BkD@p0+#YՖ<. ­)օ8IU:3%lKEam#NOW1w\nGf<9$O67a}*G$_1{i;+#0Yz=;BqjѾ%Nr0j9Քk=+ap&R9nzVqj$;cG Jr6]ӕ_UM/Y%q`OåkXjFJpTsc 89ASv5J5#5?Р FEKKПYs[Vqclo ]b4R?FÚxի3Tee3t=X3CYkp%sz zZ9 _U9#y0N$SC5u wS[V@03T/G kXTcR p UcOȧpF{TMPr䏨3'Kd_ ]9`kTzb}xtdQ#\sVgt]itsUDh#PuݰH#jl& S{%6|s[dQCq$s`m͂TBm;CS+>f3PMES7[U6xJ(#Fn"d܅Zௗ+^u]6zAY<ȩB<i`E=U{ ^4 ;T^"lTx9"v 02yoʥ3*Ak\W#EA1T-60OaWJZ*-)0=(!0=)6JuݣҍҝE7hhQ@ 1Z};=)v uNGFiɥbFWi\F詏rjYHxN*Lp?yRUOp*#rQ%!}g#юGj\<| Sqh"2:Bj3,5kBjF.@݆R"95:UGSlY5 MZ$ڂ֠eS1H=ju"1qR_$lt4V\]*ɜ/D0< PhC.I QX҂XsNSV2nX"S P:իdO"Ą96ԕ ǜdMm<+a.0$+:$RяѼ/bn$]??QZ4?l d?x}Gaji"QɊCxI2 \F}.R$l'_V;[rzricaH>U r.FsjQ٣ ֙ ]@`*?3(p9=jǗ (. N=2WU3 qLi 9T?J"Bhf+ӨSnu~|#"e֤wDb_h$2Kٻ~?|*".Au3:(Ƣ4)Dʺ6CP{ԙ5iY],9[wPz}G5ѥ #λK1=tWZd3 T7PGa?x{O v}$|4VsopEd܄Rx|7)7Kזm[*,Nx uDѵ6#;gWiZ-WQG(q5{gu=!SNG~ ghZ4[1]a_Zj9K_$8Z^.#!pź&`9ߛ;XǙ؎E+9º-ް602|񪳖%4ٛpF[8w{GCi)_I}oŸb$..gW_`cC{f+{ة0Eh皝0;T#J( OLjcPEPEPEQԊu*  \veB@j韾!V4\| c\(j|av>T9r85^IuS cҤbz afgh0Y'6j|sA" .](}U B D@S⌂r)7Ȑq )S%'5 E+[?ݤ8^ZR =1`rj4 yc֙$A4qkdÑSASY0ejW 7Zii\0HcPz7 ;2j[rj49Ps@-y,tˁLzk'Lg+_,j:iGq+jt$W!pJs뱼\Eqlkd^m03ҋX/-NJ8#5ih49KD|,C:}k-BLzW$_9(GZkNYk :ޑl}1):Ўzv 'ѯ9J]@<9=g5 =AU Njמ͔P ^j$ p Omzcaz9NWiʋmWXQVKV.ʥB=[/r@K˒#nGūC\vvP;LU600,?*GBХjMyYs^O>ץ+i9Ǚc?_xX\OHsr=*^p]-uR;E?@yycbk~YIe fyJLKHFxZj:MZ):NkYoi4a@ k68jוG[hXO jܮǵL{Ԁ{R❉мӰ)qF)WJ4` (Bijy,*2Iq]f=8(vDd1e隷W%S5&G|Um򛹬<Ke/gjePJҙJaM^ 1-X|VrO69暧'P!(hE5!H ƸJv8 WQMR&[fN}Wp3j"h[خ]џqڪpæk8h\1=jZ=2Frc\Ґ+Xηs^!`֎Ѓ:KZ8|9&=TWVi.AG=f+@>z|w*KwWkQ6q2};?}},y՝7ŕŤIv: &Ӎ|eűǞ/Uw"yg@YuKc\J;sPKS9GgEvtqM)  bȏppTSR{V g`sژrE*܆g"1׵+v)>x[Ztڮohv˰u{v$`Wv+3HndJ#O8.sҕ<+hdp=2k_JmBAVUZ-uwPJcx0`z֏bJ=ybVfu nI8ޮjE5b(݉HLY#"-CI*H3Wa!&2q#81!,ПUIn=sXԡ GRz9`d0x7WVßzx#zWOnKͫeskX{t1u?x>u:*5QӦ@]q.]R>Yg jsvHIkps,ڬg;[:VͫiIjgbWRndK3ڛ |):j:cZ7J 늫t9؜T2yG\6B2B~kѯ5=5ҙnu]^uʟA]tbDyw|뎒[>J9a+|+-+D+"C]c[۪*P:*qںr! ULSqOhc@QKM"[(AEPEzuQ@ $O/z(:hS.3Qqn):S+SF(\m(Ju!1)*CIC+UC "e51 ebӈ}#sҝT`ts]4qlxO`r+2 (L2(@!F8)(֣$+sHdcTLcjwhKmU;lfqEyxIZJdS MJ)L۔U8օ€zU"zma_9hx߶kԊpQԦy4^kf;1a鵎+EF"O5 ڜ"`Gb }+|*kb/I~P1\Xc[ H[I)h\c\+T [l1ڽ,Vqc}h&bo\?${9w oHGKƩh9Ī=ӿr|jcq_KW O*-XdFEtN E>98_XZ/R^R0'OE^g⯁ZFwICoQퟺOyX^V=6%W[YAϬXd4ixgxF^.'d2<}k״ zqz`~zvc F3WEcMrS9LjQZ<K{ \\1#rTzߥ{׊-VxJ_7nw#?tag.K-6C6N:jGZV'0E3m~zX'k[ICA Yc|t10ͦGe{ -m0ʟU'Y^BF V_-jI@*pNqU]Ve;ln9`+5郰h¬0iuu`et$#QbA7vL\~h A@9cMnG;UᓾliS*IHgO{^Hr=x Đ(ph- f])rR6Ofې+'9Q6s{UIhNNMqNjKdbw7V>kܡIҺ[&h;bph jDKCӌ3G[j5oG%S+4c |P  Ex'ū\@\|ڋ[Q6}Mr**q(砭VS9j4D8?7Q_9k%ׯQ"vu1hjsJQYNgs41Q|V<E{tR+ȒynB1ZzXLG#tuIs;JD*ƢaGZW0G (ڪK/88ǸSMI1# EV3?6&E]ۂ!dW#5MfS[LE[|U6f(q1ذuS&#ԊQ$J0Wi).d!ku22Ii&8]5~gzLGkfmFM{ ÝYo\?^fgC-u=LJSdsB~#q˳b1*)yz!wf%𾕌`20`{WC8~{v}`۾J{[ `*~5kb0aϕ!cDٸz]jJ] rbG)X\xB|@%\ciSpAc5sSvz.Kd-w? MBchXtnsKbd J?x?*1Fw(R3:\Ir2>{[ P:/u8`^pSy-8No s_X(2Xk+sUK6yχXӣA@*+\AXҌ7\WJ9fNȩi[Vew[/ Ytm+SOQq[6cp8'yuquWzXxFQLӬbHQpQmnX~`OaQKde{ҁREXWP) ώZ`$JBOsVp «.ӃH&iQQIL&)iZژ@HjV 6fP 8ԛO5b7 | E=u&4"Q(4Rb (4 CIN4iiiQKI@JiMCMMQ&R"-M"SjJ"Ͻ!`:\ I cՖuijPA -g953LҢkQXxxZO+_'sYBir }"}=v(-|0q]֩E]`s](QJ+3.UCkXӒ\WCqsR{Q4'iN,26GMx^7_]g`JpΟ+2m<ǸdT}CW{cO xTR35Uqod#_$-Ʃ\]}<1 ֽ̏{ < ͛9=JuSd~*HEFgO$] ͔##mcɓs^]QR<] VP%`JHVn#X bi})i9w=:PpQ]. #Ɩm*uho 2:S'NʞҵAȦjj9隷P1D ҂) 21Yp;iHpENm i#e]۔%es<)sN@RbQ:cY24MXGȨe*$bz\'*>yh%hč4O}N#4AHiƓCIu6 (P0IҝI@)i;=i -HiƐԱLc)1"0HzS*Ff{]'ȥOp_FZ{+UjVX5Z=5`j$ÅIgj,6Ҿfc$R0j#o1nMkF$ cCaQfElE+3ewLy:(n->cOf$` R.{ԋ3 V75T %=I8L(S~h{T=j0+ }3|Z H]3q]s}MRZ ') GsP&뚱. USD*M7kҤ1j6gCa<-tl\5=TA>y\TWAz+xM5&+ 8(waZ1V`1^ejNz-ӥGYr)ʤ}[ 0Nri$$uXY{DC|u_(Y|vA"G#PGxns\9Lr?¼7Quop}v#/k^^T?úuόGz{kw<{qUC1  W8dt q8%;YxHp[F:\>8jAJq|[P(d+XfՄxө+7ˀ>YU9 \eUv:yM׋$UǚsXI:sڝukя׉]jXi7Fs"-nP1x}\"ݴRBYH;H uQf8%p9509RExI@4"eD* ɔZ4EdN w9xD Rj18;ڪ*něM'=)!@x$gZX9ޣ&8e>d*j+_6OjjuedM[l1=X`^^DG!cK[g4 "k0Q5JG3c )ipil!ècXWQje^sYC*Fv ֹLt6z"-ZEKVfQE!\Vj)W"TRHBÑ n1'@AR 7٩z2֨6QS⨍\x bCE 9.ET#"PFhv1xϵX_fsW1M2.BKֳarW)-!FRqIKbb (⁉JRh1(PM4HhUw5e ZC!@!*Y㚭/ި9EI!=>AtlgyȪk"1OacUxIcDrirOeZړGZ_ҐXtG"OI+HE):DM({ Żq>!~S_9YҾD5?%̪{1Pdk1Xś?LYhߺ I_݃56f!UDs-,DWt망>[)kGF.:Zn=MRN7kzfܜc*Fr`4w[9}t/zu92|nhv, sKvhɭmR64wP_G9uܯc7лA.iI U\VdUP `3XUFޕ /E<Z'B1j_%U +g%N+kk.mΒ_ ZH7A<@/%rz9\6 i؆r EgI[tȮq{T_dS;ޟ;$S0`ifA1nH,INm$j&2Za[h9LkN0= &[!Be(5m t1OL7?3^Ynki@;aNIbLI'4iSɦ˗ӠVjD\A\5I&4FVeh}ЁE&~ZYQE8+8" JZJCH)i(sM4PJR^E5-@3@ 7 X<#sQ*I9D VK5n>VzcrDgSWeE2ZYV M $*@\jRny 8dL*@HF;ߐi6ӉJA"1 aCIH= |vVpts_Xlc_+#dLM\)sctzs2ҷ\l8U`¼IH  f3EpURvwF.+&Ӊ85|7&`,==&;y%QW'S` )M`qe'@Vf#AP.GZozzyV-$o)FyXRXTdZ!pLc֦pG9E+4DIa׵LX~+$* =[>S!rOz&-:RXO\`X1Q,y¥Eq29apPf%j&ms\ytZ1QWOF)jm|,҅yV {γd ҽRSuBƤuQ~<=V8VB9@2MKɦ`jSsV" 5UiO5^L⡌bfblٌE8sQzUhQE2AQ' S"z E8Ҏ YQH3M ncN\rmlQv9v5)RL[3cjc43Id5f))&rUF"+ Ħ) hAa5`YsAimRU׊/j3M4֟HFh#4PPQA @KHi cTMRdMQT)yBj)T|"dV'1S< U&ZabziZPEP=){J(#b/((7JiXEsL!zc#VC`8QSLwL™GVˍ845?~ES^e_Ο+ -O'ֹ caq*u v>+jjMCfC$:^K?ĀaYry@>4zR寖> b+85~t׺xf9%rk>.Akh1ifqk39瓊ftיIsڵ{κ=\Vn=(#}zֻSֱ!am:iX0x⥰?p~Ab+yU.Ii20r Hzf榵{g~u_ ӳ@袑ql,{:qX>5;-Mpǩ$ވH]gZEbr~^b3WI=b OQ53Op3=IJ÷Qz%֣gbkސUUӵ J+ ,Idd;v漆Hc {ֆ!`<E`GlK7;/3Z֝uo1W`swՇ4_J#b;]EqQ p}@Pw5ם;;V+ܖ {oÖi QnɻHaƻ߆9u(of3Y<2d9dwPtNTfyؕZuVѯ&}jFAOq,*R2 0k#mYQ*RH84M|(x5;Ҥy[V|F+<3M.TҢUhQE P4 ʊG&qA9Es ZΙ~jLYTZѶkkն P˴ˑU=*ƌ$SRBvH$x4$MXIYbQ`$*q֞RIv2jx5Y["&4iA6u%F) ?HZu!6yL' i.ieeM+Ve۞+iQOcduLYVjI5 { ';Da+;ڈF}kEF]L]C]~My! O\)˞\9ˏΩK8;C1Φ0f:=#uV6W9#Ұ/>'ϓۈ$}M"{WTajYm{utӮ<[t _ƹK#in- 195xuLڄ]q\6j%̈H~GlqY2Euc4Tj^)3H{Vr*TbOgDS}겧AdMp~v=.Nj~|ʩOSg^~Zn@ ^m.A_Zόױ!PGZ|3m9w<ቃ 8'깥]!\T~\jOƠmRRp X|+.2UgMQ&earZ+F2qҼ=5]Ff b>θWl1,ۉ<םGB&%%JW\fo& 9 xU*ź=Ol#Ynvո>~UCow'<7\Tt;p~^@{uHfC5%.͒ GjG&>Cn 89<U`gpS޼Y,xKY[W#hGpHwk-NT+qneCscv!ok{}s^7c 1Glc1R4.f'LYgonxZ7VFqף|sGH֡6!N;{a"+E2Ӻdcب>c/Fr)el])eL .2MVVd?5 Gɭ[^9[1S@ILRU($(QFhr#jЂQk:q9:U 3IDi/8lLUJ:"k.@Ui1Kڌ"6VO4FHJe=ܦ;HaFUqXEb*E|%yIPƞ RU5zZ]_ޥ H 'z@F)h$kJc ‚!"n9QzJSn j+3^n$Qo2 h1S:Q搨x>\Y#;3PCK IXWkMrq:~4,RM# .rs}fGPUpjݷo8Vϡ:shV'd&Wl|5(I[,>H/ɦK8 #lgfsD*xkXb%ֆO1˦qޫO۩xP`Ȣ!𴭀n? vM9Y>ofb~NkɋɌE[/E5+xYUc@a-"FPUUOqW~-O=Ni#S@~`+>$ü98׾8PBrg%cHw&|n#5\l+aEeU,Eji2*5 GzqjR̝ #c4LT]a3~cQNy5J~H;f#v NOCU>iaua59bsѾ`"XQ݀Ag6q*;~}0ErbqZ^5/iO:#Fk4Gkn1̻zPV_~30tGdh`8\{` }k~ nL[ <rG?kr1hmY!VR#Ve.X-Scz%o,n&?u #M{ƴhʣӎzS:G˿S]~eQ }{k vı 02L?r#<ʊ+KԼc` W/}qQEg)5JŹH@A^I袲Q]uinK kش"{EleE6G C]k۽ROF1cNzQEY%9?Jɺl*&QY*$vZ($ֳD-tFkƊ+5{mm2&8EvXQw4QQbx2 FdzW}ہQWtȜRi982HܧUu!VQ+neҠW}([gBY:O% e ^=%[;)h#l(խNšzy r+2GQEy8_ĒyDSz(ѳC!m?tJ(&0)2zSFGZ(*89XɹBEkKs*+>@xO-3{ -eDAߏ?W )jk)EdgṪW$m4QPƊoX2Kđn En26塐xH*Kej*QE "~E"8"*JFdj ETDDkVQK٥榢6QEP22*&QAIaJ(1SH@ E0UnQ@(CR,3Hh?
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/07/Outlook-37-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

A trader from BGC, a global brokerage company in London's Canary Wharf financial centre reacts during trading June 24, 2016 after Britain voted to leave the European Union in the EU Brexit referendum. REUTERS/Russell Boyce

BY Christopher Dembik

The globalization process has clearly stopped. The evolution of international trade in volume is close to its lowest level, which is the best proof that globalization is not working so well anymore.

Not only this, but also the glorious period of the 2000s, which corresponds to a time of accelerated globalization as a result of financial deregulation and of general decline in trade barriers, is over.

There are two main reasons to explain why globalization is stuck in a dead-end street.

The first one is linked to the decisive influence of multinational corporations on political decision making since the end of WWII. They were the main supporters, from the beginning, of the globalization process and they strongly advocated for lower trade barriers and the signing of free trade agreements all over the world, such as the Mercosur in Latin America or the Association of Southeast Asian Nations (ASEAN).

Currently, they have less business interest in a global approach and favor a local approach instead which takes into account the local specificities, especially the cultural differences. This new position of multinational corporations has had a crucial impact on the path of globalization in recent years. However, it is probably not the most important point at stake.

What every investor needs to understand is that the rise of populism is the current main obstacle to globalization.

One of the main promises of globalization was to reduce inequalities. This promise was partly fulfilled. Globalization was a key factor in reducing poverty in emerging countries in the 2000s. In this respect, the best example is probably Brazil which has developed ambitious social programs for the poor, financed by the influx of foreign capital in the country. The problem is that in recent years, inequality has risen again, particularly in developed countries that were until now the most vocal supporters of globalization. Therefore, there is a disenchantment of a large part of the population and of the political class in rich countries, concerning the long term advantages of globalization.

Brexit is, in part, the direct consequence of this disenchantment. Statistics prove that the working class, that benefited less from globalization, were more inclined to vote in favor of Leaving than the middle and the upper class. Identitarian closure and rejection of globalization will certainly gain more ground in Europe and in the United States in the future. The Identitarian movement is a Pan-European socio-political movement which originated in France in 2002 by the far right youth movement.
A major risk is linked to the return of protectionism and higher trade barriers. Such a policy is clearly supported by Donald Trump in the United States as a retaliation measure against China.

It is exactly the same thing that Marine Le Pen, leader of the extreme right wing Front National, proposes in order to finance the return to a 39 hour working week for small and medium companies in France.

The problem is that such measures are based on a misdiagnosis of the economic situation. Supporters of protectionism and trade barriers believe that national economies can perform very well in complete autarky. It may have been the case 70 years ago, but it is not anymore.

Like it or not, economies are highly dependent on each other and connected through trade balance and investment. The implementation of protectionist measures would be an economic disaster because it would stifle growth.

Christopher Dembik is head of Analysis at Saxo Bank

 

Social Streams

Comments

comments

Facebook Comments

Post a comment