Word: protectionists
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Dates: during 2000-2009
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...Although it’s true that many kinds of protectionism would at this point be detrimental, others might not be. Global trade is down substantially, and closing economies is not the answer for anyone, but some protectionist measures are necessary to sell international cooperation to people in developed countries (see the “Buy American” clause, which is no Smoot-Hawley tariff...
...American,” using only American steel in the construction of roads and bridges. Thankfully, this provision did not make it into the final bill that was signed into law. But the “Buy American” controversy is indicative of a turn toward a protectionist trade agenda, especially in the anti-immigrant lobbies of the Republican Party and the labor-union wing of the Democratic Party. This is a trend that should be combated at every turn, especially during a recession of this magnitude...
...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...
...turns out, America is not the only country turning to protectionist barriers. In a similar vein, French policymakers have included protectionist measures in their stimulus bill, though European Union complaints have made them temper their proposals. Furthermore, for all his talk of avoiding economic nationalism in his speech to the U.S. Congress on Wednesday, British Prime Minister Gordon Brown has called for “British jobs for British workers.” Though the rhetoric of short-term political gain is attractive, it is definitely detrimental for everyone playing the game. Economic nationalism gives rise to a prisoner?...