If countries pursuing economic development based on the principles of economic liberalization and market opening remain highly vulnerable to external shocks, the future effect will be harmful: in choosing their development strategies, many of the world’s developing countries will choose to not pursue free trade. We should therefore take notice of the very important forward-looking policy implications of this.
Lastly, the most important lesson of this global crisis is perhaps that policy effects are maximized in the case of close policy cooperation among all countries.