It’s telling that Denmark and the Netherlands, two liberal countries and friends of the U.K., are among those resisting a deal that would not prevent unfair competition. No one could accuse them of being inward looking. But openness does not require tolerating races to the bottom

Indeed, as Michael Huberman and Chris Meissner argued in the JEH back in 2010, trade and labour regulation have tended to go together historically: if there was a race in the late 19th century it was to the top, underpinned by concerns about market access.

There are crucial lessons for today that go well beyond Brexit. Globalisation doesn’t require turning a blind eye to concerns about equity, the environment etc. That’s a choice you make and you can make other choices.

And if globalisation’s been under pressure recently maybe that’s because people have forgotten that. But the pendulum’s swinging back now after 40 years. Those seeking trade deals that facilitate regulatory (or tax) competition risk finding themselves on the wrong side of history