Wednesday, 23 September 2009

We are entering a new age of protectionism

Telegraph
"The 21st-century form of protectionism is no less deadly than its 1930s predecessor - just less visible....However, such visible signs of protectionism tell a fraction of the story. For the shocking truth is this: over the past year, the costs and obstacles faced by exporters have, according to a study by economists David Jacks, Christopher Meissner and Dennis Novy, increased by almost the same scale as in the early 1930s when the US and others were imposing a range of protectionist laws, including the infamous Smoot-Hawley Act."

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