The international financial crisis has thrown the forward march of globalization into question. If the United States and others can learn from the crisis and control borrowing, then the positive potential of global trade and finance may be restored.
Not long ago, the expansion of free trade worldwide seemed inevitable. Over the last few years, however, economic barriers have started to rise once more. The forecast for the future looks mixed: some integration will probably continue even as a new economic nationalism takes hold. Managing this new, muddled world will take deft handling, in Washington, Brussels, and Beijing.