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The economics of the madhouse

We live in difficult times, but protectionism is not the answer

By P L   157

The failures of global finance have brought the world economy to its knees, threatening a rerun of the great depression. But such a terrible outcome is much more likely if policymakers follow Ha-Joon Chang’s suggestion that the world needs a dose of protectionism to see it through these troubled times.

Around the world, we are witnessing the devastating impact of globalisation going into reverse. What was once a virtuous circle of rising trade and booming economic growth has become a vicious spiral of collapsing demand and plunging exports. The question is: how to break this spiral? The answer, in my…

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