Trump’s Tariff Storm Brings the World Closer to Economic Armageddon

In 1983, German-born American economist Theodore Levitt published an article titled ‘The Globalisation of Markets.’ He had coined a term that meant the integration of the world’s economies, politics, and cultures. And on September 1995, a select group of world leaders, economic thinkers, and diplomats gathered at the Fairmont Hotel in San Francisco. They included former USSR President Mikhail Gorbachev and former US President George Bush. While reporters were banned, it emerged that globalisation was key to their discussions. Earlier that year, on 1 January 1995, the World Trade Organisation (WTO) began operations. It was created to promote trade, investment,…