Van B. Cleveland, Harold; Bhagavatula, Ramachandra
December 1980
Foreign Affairs;1980 Special Issue, Vol. 59 Issue 3
In some ways, the world economic scene in 1980 was a rerun of 1979, with rapidly rising oil prices, a business slowdown in the industrial world, balance-of-payments trouble in developing countries, too little stability in financial markets, and too much inflation. But there was a significant change, too, in 1980, above all in the perception of the world's economic troubles and what to do about them. Protectionism is one of the hardiest of the economic perennials. It thrives in hard times. So it is not surprising that the current recession and condition of stagflation in the industrial world are yielding a luxuriant new growth of protectionism. This has occurred in the face of repeated official pledges of loyalty to economic liberalism in international commercial policies most recently by the OECD governments in June 1980.


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