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Although deals between small groups of countries can contribute to a climate of liberalisation by fostering trade, they can also damage it by diverting trade away from more efficient producers.
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But in the climate of "reform" and liberalisation earlier this year, the Chinese government held back from the kind of direct investment needed to offset stagnating global markets – and the private sector failed to respond.
In a climate of political instability, banking liberalisation can be dangerous or even impossible.
"Decades of liberalisation of trade and investments have undermined the capacity of states to confront the climate crisis.
It was the high noon of liberalisation.
"The fruit of liberalisation was overripe".
The government controls the pace of liberalisation.
The economic forces in favour of liberalisation remain strong.
During the 1990s, the talk was all of liberalisation.
It is a diagram of liberalisation, of a new era assisted by design.
Gone are confident assertions about the virtues of liberalisation, deregulation, privatisation, and free markets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com