The Fallacy of Protectionism

Protectionism has been described as "the dog that didn't bark" in the long, troubled night of the financial crisis; remarkable precisely because of its absence. In the years since the crisis erupted, the world economy has borne witness to spiking unemployment levels, to Europe's debt woes, rising food prices, sluggish growth in the United States and now a slowdown in the emerging countries. But one feared scenario has not materialized: a big wave of 1930s-style trade protectionism.

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