There’s an angry political reaction against free trade in much of the world today. There are serious threats to the European Union’s system of open borders and markets, most notably in the U.K. “Brexit” referendum, to be held June 23. In the U.S., Donald Trump and Bernie Sanders have both promised to renegotiate free trade agreements. Hillary Clinton, who has always advocated free trade, now opposes the Trans-Pacific Partnership, a trade deal that she promoted as ...

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