The reduction of tariffs on trade – one 1/7  BIS central bankers' speeches  particular example being the General Agreement on Tariffs and Trade or GATT for short – has increased overall economic welfare.
The division of labour on a global scale has opened many channels of rising prosperity – from economies of scale and comparative advantages to global technological transfer.1 And for the last 40 years the public debate has focused on these gains. Then came Brexit and growing populist support around the world.