Wednesday, March 4, 2009
New protectionism
This Vox EU piece on post-G20 summit protectionism sheds a lot of light on the current state of international trade. Two World Bank economists have tracked the implementation of 47 new protectionist measures since November. Most of these have had negligible effects on trade, but they're part of a worrying trend of domestic economic retrenchment, which spans agriculture, industry and finance. Also of particular note is a sharp increase in the number of anti-dumping cases.
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The Washington Times sees the case of Ecuador - what it calls the "the world's most protectionist response to the global economic crisis," with restrictions on "everything from Peruvian shampoo to Chilean grapes and U.S.-made running shoes" - as a bellwether heralding the possible spread of protectionism around the globe.
http://washingtontimes.com/news/2009/mar/03/correa-curbs-imports-as-crisis-looms/print/
The combination of falling remittances, its debt default, and plummeting oil prices have put the country in a very difficult spot, but autarky and import substituting industrialization are not the way out.
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