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When incomes, investment and jobs are under threat, national governments try to cushion the blow - sometimes by erecting new trade barriers. The current crisis is no exception. According to the latest data from the WTO and ITC, the number of antidumping cases jumped 40% in the first half of 2008, and many nations have already raised tariffs this year. The magnitude of the new protection is modest - so far. As the recession spreads and deepens globally, this could change - especially if world leaders lose control of the situation. Protectionism and competitive devaluations could trigger a vortex of beggar-thy-neighbour policies.
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Global Trade Alert | Halting the spread of protectionism
If you are going to quote from a source you may want to post the link so we can read the document in it entirety. This is from the summary I have posted the link.
The document argues against sustaining protectionism. It does no one any good other than give Political leaders the same feeling a grade school kid gets when pissing his pants. Warm satisfied feeling, to be followed by the rest of us experiencing the cold stinging sensation as we find jobs disappearing in even greater numbers. Going to the WTO etc seeking a resolution is really the way to deal with problems. It takes a long time and if the issue is valid eventually you will see the complainant with the real ability to instigate tarriffs that will not be retaliated against. The problem is it does not give the political structure that warm satisfied feeling. But it does avoid the stinging sensation that follows for the rest of us.
The solution?? We need to ensure our reprsentatives have a longer term view. Really that means changing our system of governance to one in which they have longer terms in office with recall provisions. Personally I think Political parties are the worst thing to happen to our system of governance and provide a combative us/them approach rather than seeking the "best" approach to a problem.