What the WTO?

I tried to blog a little back in 2000/2001, which now seems a long time ago. In those pre-9/11 days, the biggest story was globalisation. Naomi Klein, Noam Chomsky, Doha, people dressed in clowns, Anthony Giddens, Seattle, even GM foods seemed to be mixed up. It all seemed rather exciting, if a little trendy, and not a little to do with an irrational dislike of Nike and Starbucks. I wonder now how much it was mixed up with the Millennium and a search for optimism, and perhaps youth, plus low airfares for all the protesters to turn up.

Then I learnt a little more about TRIPS and got a sense of how the BRIC countries' economies were growing, with a certain amount of protectionism. And even McDonalds kind of changed its image. And globalisation seemed even more of a vague term, let alone the alternatives (esp. when you learned more about fair trade and how it could arguably cripple development - and, yes, there are several sides to this). And the environment seemed to attract the latest in protest movements (yes, they are linked, of course).

However, all this is a preamble to the news today that the latest round of the World Trade talks have collapsed. Most of the news bulletins have relegated this to third or worse fiddle in their running order. Mixed in with mortage glumness, commodity prices, oil shock, etc., it seems to be just another example of how the global economy in general, and Mr Brown's Britain in particular, are on the road to ruin, or a repeat of 1929. I don't recall anyone mentioning it (not that I've had much time for chatting recently), and it seems a bit of a dull story. But, I think this will be seen as An Important Moment.

Why? Well, the economy needs a bubble. The developing world is the likely place to do it, and this will stop that. Great for the factories there in the short term, but not a year or two down the line. And it's hard to argue that free trade is not good for global growth (if not local industry or wages or short-term quality of life for the majority). Instead, it's another choker on trade, just when there's a lack of liquidity in the west. And, finally, its more of a sympton of the global stage, and the freeze in international relations. There are no global statesmen, no international will to reach international agreements, no sense of urgency; rather a malaise, leading to who knows what.

Is anyone blogging about the WTO? I doubt it, except a few policy wonks and NGO types.

And all because the talks broke down over the trade in bananas.