Zoellick Says Half of G-20 Ignore Pledge to Avoid Protectionism
via Zoellick Says Half of G-20 Ignore Pledge to Avoid Protectionism – Bloomberg.com .
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April 23, 2009 at 8:08 pm
As the global depression gets further underway, protectionism of various kinds will become more popular as a perceived means of isolating one’s nation from the dangers of foreign problems. Remember the Smoot-Hawley Tariff Act of 1930 in the US? And as to the present, does Germany really want to subsidize Bulgaria in the EU?
Fear will drive protectionism, as well as the hope of getting one’s own house in order, hence signs like “Buy local.”