Slamming the door on trade

Growing protectionist sentiments are hanging heavily on the shoulders of the world’s traders.

The Washington Consensus may be dead, but its legacy of free trade is alive albeit gasping for breath. In the wake of the economic crisis, governments around the world are contradicting themselves as they propose squarely protectionist measures, while at the same time singing the praises of free trade.

Whatever the global leaders' rationale, the world we live in today is built on liberalised trade. Starting from the launch of the General Agreement on Tariffs and Trade Gatt in 1947,...

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