Steel mill employees in Granite City, Illinois, May 2018
Lawrence Bryant / TPX Images of the Day / Reuters

For two decades, the free movement of goods, services, and capital was the world’s guiding principle, crystallized in the so-called Washington consensus. Although countries didn’t always live up to these ideals or implement laissez-faire policies, most aspired to do so. They had to explain, justify, and limit their deviations from this consensus, at least in theory. The vast majority of the world’s countries signed on to multilateral institutions that promoted and enforced this view—such as the International Monetary Fund (IMF) and the World Trade Organization (WTO). 

Yet the era of the Washington consensus is now over—

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