In recent years as economic forces have changed, many governments and multinational enterprises have been more interested in negotiating bilateral trade agreements between countries rather than multinational agreements through international agencies.

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Several black swan events (that is, highly improbable, but high-impact events) have buffeted the world economy in recent years. The global financial crisis between 2008 and 2010 led to a deep recession and high unemployment in many parts of the world, including the United States. At the same time, the European sovereign debt crisis unfolded with several countries teetering on the verge of insolvency, leading to sky-high unemployment is some countries. All of these macro events contributed to rise of nationalism in the United States and Western Europe. As a consequence, globalization is currently undergoing some retrenchment with a stronger focus on nationalism. Rather than multinational trade deals negotiated by international bodies such as the World Trade Organization (WTO), bilateral treaties between countries are in vogue.

In Recent Years as Economic Forces Have Changed, Many Governments