An article in the Wall Street Journal in 2023 discussed the decline in the volume of world trade: “World trade as a share of overall economic activity peaked at 61% in 2008, at the apex of China’s power, when a global financial crisis that started in the U.S. caused a worldwide recession. Trade has since receded to 57% of economic activity.”

a. Which people and industries around the world were likely hurt the most by this reduction in trade?

b. Are there any people and industries that benefit when world trade declines? Briefly explain.