Word: protectionists
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...Sometimes these protectionist clauses are not included in the original bills sent by executives to a country’s legislatures—and yet they creep in, in the form of amendments and edits. In America, for instance, the incoming Obama administration was so keen on passing the ARRA around Valentine’s Day that the final version of the bill got passed in PDF format; not all legislators had a final version of the 700-page document they were passing, which, as it turns out, will help create a federal deficit this year that would...
...With all due respect, the senator should know better. The Smoot-Hawley Tariff Act of 1930, perhaps the best-known protectionist law in history, erected tariff barriers for over 20,000 products after the Wall Street crash in 1929. It may have gotten the lawmakers that passed it reelected, given the short-term boost in domestic demand, but it was a cataclysmic event for the global economy in the medium and long run: Countries soon became entangled in a protectionist race and subsequent trade war that caused American foreign trade (imports and exports) to almost halve. According to Milton Friedman...
...Jean-Claude Juncker, who chairs meetings of the Eurozone's finance ministers, dismissed appeals by wannabe members to relax entry criteria for single European currency. U.K. Prime Minister Gordon Brown - clearly eying French President Nicolas Sarkozy - denounced protectionism as a "road to ruin". And Sarkozy himself testily denied being protectionist but then accused eastern Europe of putting the entire E.U. at economic and political risk...
...shore up Eastern European economies, is discussing a regional bailout package. But the Fund is also struggling; with access to $200 billion in funds, its ability to step in is limited. "So far we've seen disappointing tendencies on the part of Western European governments moving in a more protectionist direction, which is worrying," says Christensen. "But the pressure is increasing on policy makers to find some kind of solution...
...Such talk of repatriation is supposed to be anathema in the European Union, where the internal market is a core, treaty-enshrined ideal. But Sarkozy's protectionist language ripped off the veneer of European unity over the economic crisis. "The French have signaled that they are willing to do things they know are illegal under E.U. law," says Katinka Barysch, Deputy Director at the London-based Centre for European Reform (CER). "But if one E.U. country goes down this route, others will feel they have to follow...