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How did US and EU trade policy withstand the Great Recession?

Chad P Bown's picture

Many feared a return of 1930s-style protectionism when recession hit the global economy. But many countries avoided this. In a blog post, co-authored with Meredith Crowley, I focus on US and EU trade policy and discuss how this policy withstood the ‘Great Recession.’ The following is an excerpt from the post which appeared on Vox.

“During the Great Recession, import protection increased around the world (Evenett, 2011). Popular policies included antidumping tariffs, safeguards, and other temporary trade barriers (Bown 2011a,b). Despite this, for high-income economies such as the US and EU, such trade barriers increased much less than initially feared. In this column, we ask how and why.

The Warsaw Initiative

Grzegorz W. Kolodko's picture

Old square surrounding Zamkowy Statue in Warsaw, Poland. Photo: Istockphoto.comThrough its forthcoming European Union presidency Poland should inspire other regions of the world that seek their own development path. By no means do current turbulences and crisis disturbances shatter the need of European integration. Just the opposite, they make it stronger. European integration works and will get through this confusion.