Not so special

WHEN the first modern free-trade zone was established at Shannon airport in 1959, few outside Ireland paid much attention. Now everyone seems to be an admirer of “special economic zones” (SEZs) that offer a combination of tax-and-tariff incentives, streamlined customs procedures and less regulation. Three out of every four countries have at least one. The world now counts about 4,300 SEZs, and more are being added all the time. Myanmar and Qatar have recently unveiled new ones; Indian officials call their SEZ ambitions “revolutionary”; Shinzo Abe, Japan’s prime minister, announced special strategic zones as part of his reform agenda.