How to Sell Anti-Protectionism
In the face of the worst economic outlook in 70 years, protectionism has crept into many G-20 members’ domestic political debate. While the recent G-20 summit in Washington, D.C., rejected such policies, the protectionist temptation will remain strong unless leaders can win the support of fearful voters.
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STOCKHOLM – The looming global recession has brought government intervention to save failing companies to the forefront of economic policy. In a speech just prior to the recent G-20 summit, British Prime Minister Gordon Brown warned President-elect Barack Obama against bailing out America’s struggling Big Three automakers, arguing that global competition has made their decline irreversible. A bailout, then, would simply delay the inevitable at a huge cost to taxpayers.