THE EXPIRATION OF QUOTAS UNDER THE MULTIFIBER ARRANGMENT isn’t big news, but it ought to be. Aaman Lamba has more. I spoke with an expert on this last year, and he said he thought it would mean devastation to the textile industries of Cambodia and Bangladesh, and probably pretty much everyone else besides India and — especially — China, who would clean up.

UPDATE: Virginia Postrel emails that it’s gotten a lot of attention in the business pages. Not much of that seems to show up on this Google News search, but I confess that I didn’t go any further than that in looking to see how much play it’s gotten. I had actually meant to write a TCS column on this before the end of the year, but events intervened.