When you look at recent world trade numbers, then this recession starts to look like a rerun of the great depression. In the first quarter of this year, the quarterly contraction on trade volumes could be as high as 12 percent.
For the "anti-globalization, free trade is bad" crew, recent trade data also points to that old adage - "be careful what you wish for".
Emerging market countries are finding that export demand from advanced economies is falling, and reducing foreign exchange earnings. In turn, this reduces the capacity of emerging markets to import goods, both from each other and from advanced economies. Globalization is in retreat; and protectionism is on the rise.
So will the world become a happier place as the anti-globalization movement promised? I don't think so.