Protectionism is on the rise all over the world, thanks or should we say “no thanks” to the global economic crisis. Last November, G-20 leaders pledged to fight protectionism. Yet, according to the World Trade Organization (WTO), 18 out of these 20 economies have since taken measures to restrict trade. With the global economy struggling to recover, political pressures demanding protection from import competition to sustain domestic employment are intensifying. It is likely to prove right the old adage that the only thing we learn from history is that we never learn from history. One lesson from the experience of the 1930s that is currently most relevant is that raising trade barriers deepens and prolongs recession.