The economic story of the past quarter-century was the rapid advance of globalization, the unleashing of trade and commerce among countries rich and poor – a McDonald’s in every European capital, “Made in China” labels throughout Toys R Us. The Brexit vote on Thursday ends that story, at least in its current volume. Voters will soon tell us what sort of sequel they’d prefer.

A slowdown in trade growth has already gripped the globe over the past several years, according to data from the World Trade Organization. Prospects now look bleak for completion of major new trade agreements, including the Trans-Pacific Partnership and a new accord between the United States and the European Union, no matter who wins the U.S. presidential election in November. READ MORE