The rising tide of economic nationalism

As the global economic crisis continues to deepen, the unmistakable stench of economic nationalism is on the rise around the world. Confronted with collapsing industries and growing anger over job losses, governments are reaching for protectionist measures despite the disastrous consequences of such beggar-thy-neighbour policies in the 1930s.

At the G-20 summit in mid-November, the leaders of the world’s largest economies pledged not to raise barriers to trade and investment—even those allowed under World Trade Organisation (WTO) rules—for a year. The joint communiqué also promised to restart the failed Doha round of trade talks as a means of boosting world trade.

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