Too many supporters of free trade tend to be fair-weather friends. When the economic climate is sunny, nations are delighted to trade as much as possible with one another. But when a recession chill sets in, they hunker down and try to protect themselves from their neighbors' goods. That is what happened as a result of the severe 1973-75 recession; trading barriers were partially rebuilt, and they are beginning to have a permanent look. The world could become much more protectionist, especially if the U.S. goes along with the trend.
On record, Jimmy Carter...
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