It
is only natural that democratically elected governments should yield
to populist protectionism at the slightest risk, real or imagined, of
rising unemployment. This has happened time and again in the past. The
current global economic slowdown has yet again given rise to a debate
on whether developed economies will go down that path, and some observers
expect the worst. A more nuanced assessment of today’s financial
and economic world persuades us that save a few pockets, any large-scale
protectionism is not feasible, never mind the din of political rhetoric...