Overview

After World War II, a consensus emerged that increased global trade, with fewer barriers, would be a key element in promoting peace and prosperity around the world Leading nations of the world took several initiatives in this direction, starting with the Bretton Woods Conference of 1944, which led to the establishment of the international monetary system, and the 1945 San Francisco Conference, which led to the founding of the United Nations, and then on to the 1951 Treaty of Paris, which established the European Coal and Steel Community-the precursor to the European Union. The impact of free trade, liberal economic policies and the promotion of democracies helped in the economic recovery of war-devastated western Europe, Japan and the Far East. However, the past decade has been highly turbulent due to economic and political reasons, and the imperfections of the global trade system itself. The COVID-19 pandemic was a black swan that further impacted trade. Thus, today, we witness an increasingly polarized world, where countries are turning inwards.

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The changing terrain of global trade is central to the concerns of business and government leaders today more than at any other time in history. With his leadership experience in both government and industry, Arun Kumar brings a keen eye to this dynamically evolving area.'N. CHANDRASEKARAN, Chairman, Tata Group; and chairman, Business 20, the G20 business dialogue forum-'Arun Kumar does a masterful job of highlighting the role trade has played in world history and then connecting that history to contemporary issues. This is a must-read for anyone who wants to understand the current debate around globalization and the dynamics impacting a range of topics, from value chains to the digital economy.'MICHAEL FROMAN, President, Council on Foreign Relations; and former US trade representative.

Author Information

Arun Kumar is a global executive who has held leadership roles in many fields: consulting and professional services, high technology, entrepreneurship, venture capital, public service and diplomacy. Currently a managing partner at Celesta Capital, a California-based venture fund, he was formerly the chairman and CEO of KPMG India.

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