The mood around globalization has shifted dramatically: the optimism of the 1990s has given way to economic nationalism, trade wars, and concerns over inequality and fragile supply chains. A similar but more extreme shift occurred in the 1930s, when tariffs, quotas, and capital controls disrupted trade and constructed neo-mercantilist trade blocs. This talk explores how trade policies shaped trade patterns the British Empire, the Netherlands and its colonies, and Argentina—caught between British and American interests — and explores the economic and political fallout of globalization in reverse.