The Fateful Allure of Protectionism: Taking Stock for the G8 Centre for Economic Policy Research (CEPR)

CEPRHAWLEY-SMOOT COVER no spine:- 2/7/09 13:24 Page 1

Having reviewed the available evidence on the implementation of the G20 commitment to refrain from raising new barriers to trade and The fateful allure of investment, this World Bank-CEPR report identifies four reasons why increased vigilance against protectionism is called for over the next 12 months. protectionism: Taking

1. Only a small portion of the stimulus package money has been spent stock for the G8 so far. As government expenditure will be directed towards local economic activity, the incentives for trading partners to respond in kind Edited by: Simon J. Evenett, Bernard M. Hoekman and discriminate against foreign firms and products may rise. and Olivier Cattaneo 2. Even the most optimistic forecasts for economic recovery imply substantial increases in unemployment in the major trading powers in 2010 and, in some cases, in 2011. In fact, the rises in unemployment experienced to date are smaller than those expected in the coming year. Rising unemployment has long been associated with government resort to protectionist measures. The protectionist temptation will almost surely intensify before it abates – a finding that will hold even if the much vaunted "green shoots" do emerge into recovery.

3. Many governments now have little margin for manoeuvre in fiscal and monetary policy, and in the event that the recession persists, they could resort to trade and industrial policies as a stop-gap.

4. A significant increase in the use of trade-distorting policy by a major jurisdiction could set off unwelcome domino effects, not unlike that witnessed for auto subsidies, diary export subsidies, and procurement nationalism in the last few months.

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The fateful allure of protectionism: Taking stock for the G8 Centre for Economic Policy Research (CEPR)

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Edited by: Simon J. Evenett, Bernard M. Hoekman and Olivier Cattaneo Centre for Economic Policy Research (CEPR)

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Acknowledgements vii Foreword ix

Introduction: Principal findings and policy recommendations 1 Simon J. Evenett, Bernard M. Hoekman and Olivier Cattaneo

Section 1: The Protectionist Allure: Then and Now 1. A Historical Perspective 13 Douglas A. Irwin

2. Too Early to Cry Wolf 15 Patrick A. Messerlin

3. Business Perceptions of Changing Trade Measures 17 Mondher Mimouni, Carolin Averbeck, Olga Skorobogatova and Elisa Gamberoni

4. Can International Economic Law Constrain Protectionism? 21 Anne van Aaken and Jürgen Kurtz

Section 2: Policy Responses to the Crisis with Economy-Wide Implications 5. Tariff Changes 27 Liliana Foletti, Marco Fugazza, Alessandro Nicita and Marcelo Olarreaga

6. Antidumping, Safeguards, and other Trade Remedies 31 Chad P. Bown

7. Trade Finance 35 Jean-Pierre Chauffour and Tom Farole

8. Stimulus Packages and Government Procurement 39 Simon J. Evenett

9. Exchange Rate Policies 43 Sebastian Weber and Charles Wyplosz

10. Labour Movement Restrictions 45 Biswajit Dhar and Girish Srivastava 11. Competition Policy 49 Frédéric Jenny

12. Green Protectionism 51 Ronald Steenblik

13. FDI Protectionism is on the Rise 53 Karl P. Sauvant

Section 3: Sector-Specific Policy Responses to the Crisis 14. Financial Nationalism 59 Stijn Claessens

15. Agriculture 63 Timothy Josling and Stefan Tangermann

16. Review and Analysis of Protectionist Actions in the Textile 65 and Apparel Industries Stacey Frederick and Gary Gereffi

17. Services (a Case Study of the United States) 69 Ingo Borchert and Aaditya Mattoo Acknowledgements

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vii

Foreword

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ix The fateful allure of protectionism: Taking stock for the G8

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x Introduction: Principal Findings and Policy Recommendations

Simon Evenett, Bernard Hoekman and Olivier Cattaneo University of St. Gallen and CEPR; World Bank and CEPR; World Bank

1. The context

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1 All data reported are from World Bank, Global Development Finance, 2009.

1 The fateful allure of protectionism: Taking stock for the G8

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Box 1: Paragraph 22 of London Summit Communiqué, 2 April 2009

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2. What we have observed so far

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2 The conference was financed in part by the Global Trade and Financial Architecture project, an initiative that is supported by the UK's Department for International Development (www.worldbank.org/trade/gtfa). 2 Introduction: Principal Findings and Policy Recommendations

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3 The fateful allure of protectionism: Taking stock for the G8

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3 See http://www.globaltradealert.org/measure/united-states-america-dairy-export-incentive-program. 4 See http://www.globaltradealert.org/measure/ec-reintroduction-export-refunds-milk-butter-and-butteroil 5 See the reports on these measures on globaltradealert.org, the CEPR-led portal for online monitoring of trade-related measures taken during the current global economic downturn. 6 This Agreement is one of two agreements in the WTO where participation is voluntary. Almost all developing countries and some OECD countries have not signed the procurement agreement. The reason a separate agreement is needed in the first place is that the WTO does not cover public procurement-i.e., the basic nondiscrimination rules (MFN and national treatment) do not apply to government purchases of goods and services.

4 Introduction: Principal Findings and Policy Recommendations

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3. Factors explaining the limited use of trade policy to date

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5 The fateful allure of protectionism: Taking stock for the G8

4. Worrisome trends call for increased vigilance, now and in the future

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Tefibªqebobªfpªìbôªkbbaªcloª`lkqfkrbaªsfdfi^k`bªfkªqebª`ljfkdªjlkqep)ªqebªòfpfpªe^p îplªobsbîbaªpfdkfcf`^kqªtb^hkbppbpªfkªqebªTQLªqo^kpmôbk`vª^kaªklqfcf`^qflkªjbè* ^kfpjp+ªJlkfqlofkdªlcªmlif`fbpªe^pªpebaª^ªkbtªifdeqªlkªqebªifjfqbaªbuqbkqªlcªfkclo * j^qflkªlkªafpòfjfk^qlo vª^mmif`^qflkªlcªmlif`fbp)ªtebqeboªloªklqªpr_gb`qªqlªTQL oribp+ªQebobªe^pª_bbkªpr_pq^kqfîª]pifmm^db$ªfkªqebªdil_îªqoâbªpvpqbjªqltôapªjlob afpòfjfk^qflkªfkªob`bkqªvbôpª^kaªpljbª`ljmi^`bk`vªobdôafkdª_ob^èbpªlcªqebªklk* afpòfjfk^qflkªmofk`fmibpªqe^qªôbªqebª`lobªlcªqebªTQLªpvpqbj+ªBibjbkqpªlcªqefpªpifm * m^dbªfkìrabªqebªpmobâªlcªmobcbobkqfîªqoâbª^dobbjbkqp)ª_lqeªob`fmol`îª^kaªrkfi^q * boî)ª^kaªpbib`qfsbªp^cbdrôaª^`qflkp+ªQebªdbkboîªqobkaª^t^vªcoljªJCKªåªmôqªlcªqeb pq^qrpªnrlª^kqbªåªe^pªob`bfsbaª`lkpfabo^_ibª^qqbkqflkªfkªqebª`lkqbuqªlcªqebªòfpfpª^pª^ obpriqªlcªqebªcbôªlcªobmb^qfkdªqebªefpqlof`ªjfpq^hbpªlcªmolqb`qflkfpj+ªQefpªprddbpqpªqeb òfpfpªj^vªe^sbª^ªpfisboªifkfkdªcloªqebªqoâfkdªpvpqbjªåªfqªj^vªobsfsbªfkqbobpqªfk)ª^ka prmmloqªclo)ªmroprfqªlcªjriqfi^qboîª`llmbo^qflk+ª

6 Introduction: Principal Findings and Policy Recommendations

5. Policy implications and recommendations

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7 It being recalled that the prevailing multilateral trade accords were negotiated on the basis of an agen- da set in 1986! Those born in that year are now old enough to drive cars and vote.

7 The fateful allure of protectionism: Taking stock for the G8

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8 The desire to provide high quality information that could be used to add peer pressure on governments was an important rationale for the CEPR to launch Global Trade Alert, an independent online trade monitoring service at www.globaltradealert.org. The World Bank is one of five sponsors of this initiative.

8 Introduction: Principal Findings and Policy Recommendations

References

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About the authors

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Section 1 The Protectionist Allure: Then and Now

1. A Historical Perspective

Douglas A. Irwin Dartmouth College

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13 The fateful allure of protectionism: Taking stock for the G8

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About the author

Alrdi^pª Fotfk fpªqebªOl_boqªB+ªJûtbiiªMolcbpploªlcª>oqpª^kaªP`fbk`bpªfkªqeb AbmôqjbkqªlcªB`lkljf`pª^qªAôqjlrqeª@liibdb+ªªEbªfpª^rqeloªlcªCobb Qoâb Rkabo Cfob %Mofk`bqlkªRkfsbopfqvªMobpp)ªqefoaªbafqflkª/--6&)ª Qeb Dbkbpfp lc qeb D>QQ %@^j_ofadb RkfsbopfqvªMobpp)ª/--5)ª`l*^rqelobaªtfqeªMbqolpªJ^solfafpª^kaª>i^kªPvhbp&)ª>d^fkpq qeb Qfab7 >k Fkqbiib`qrî Efpqlov lc Cobb Qoâb %Mofk`bqlkªRkfsbopfqvªMobpp)ª.663&)ª^kaªj^kv ôqfìbpªlkªqoâbªmlif`vªfkª_llhpª^kaªmolcbppflkîªglrokîp+ª

14 2. Too Early to Cry Wolf

Patrick A. Messerlin SciencesPo

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15 The fateful allure of protectionism: Taking stock for the G8

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About the author

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16 3. Business Perceptions of Changing Trade Measures

Mondher Mimouni, Carolin Averbeck, Olga Skorobogatova International Trade Centre and Elisa Gamberoni The World Bank

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17 The fateful allure of protectionism: Taking stock for the G8

Figure 1 Responses to the question: "What have been the most serious effects of the current crisis on your company?"

100%

17% 80% 3% are not affected are affected no answer

23% are affected 57% are affected due to the more difficult due to decreased demand business environment

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18 Business Perceptions of Changing Trade Measures

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About the authors

@ôlifkª>sbo_b`h e^pª_bbkªtlohfkdª^pª^ªJôhbqª>kîvpqªfkªqebªJôhbqª>kîvpfpª^ka Obpbôèªpb`qflkªlcªqebªFkqbok^qflkîªQoâbª@bkqobª%FQ@&ªpfk`bªi^qbª/--3+ªEboªcl`rpªfp lkªjôhbqª^``bppª^kaªklk*qôfccªjb^probpªfkªmôqf`riô+ªMofloªqlªglfkfkdªFQ@)ªpebª`lk* qof_rqbaªqlªRK@Q>AÖpªobpbôèª^kaª^kîvpfpªfkªqebªôb^ªlcªfkcloj^qflkª^kaª`ljjr * kf`^qflkªqbèklildfbpª%F@Q p&ªcloªabsbilmjbkq+ªClojboiv )ªpebªtlohbaªfkªqebªmofs^qb pb`qlo)ªfkìrafkdª@^mªDbjfkf+ª

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19 The fateful allure of protectionism: Taking stock for the G8

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20 4. Can International Economic Law Constrain Protectionism?

Anne van Aaken and Jürgen Kurtz University of St. Gallen; University of Melbourne Law School

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21 The fateful allure of protectionism: Taking stock for the G8

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22 Can International Economic Law Constrain Protectionism?

bfdkªfksbpqlopªtfiiª`ljjbk`bªibdîª^`qflkªfkªqebªfjjbaf^qbªcrqrob+ªªFqªqllhª^ªkrj_bo lcªvbôpª^cqboªqebª>odbkqfkbªòfpfpª_bclobªclobfdkªfksbpqlopªbib`qbaªqlªfkfqf^qbªfkqbok^ * qflkîªô_fqo^qflk+ªªVbqªtebkªqe^qªèlf`bªt^pªjâb)ªfqªqofddbobaª^ªcillaªlcªifqfd^qflk+ >odbkqfk^ªe^pªqebªefdebpqªkrj_boªlcªì^fjpªlcª^kvªpq^qbªmôqvªfkªqebªpvpqbjªlc fksbpqlo*pq^qbªô_fqo^qflkª^kaªô_fqoîªqof_rkîpªe^sbª^tôabaªerkaobapªlcªjfiiflkpªfk aliiôªa^j^dbpªqlª`ljmi^fk^kqªfksbpqlop+ªªQe^qªbmfplabªpelriaª^`qª^pª^ªtôkfkdªclo pq^qbªmôqfbpªbkd^dfkdªfkªafpòfjfk^qlo vªobpmlkpbpªqlªqebª`roobkqªòfpfp+ªªPq^qbpªqe^q bib`qªqlªalªplªorkªqebªsbovªobîªofphªlcª^qqo^`qfkdªcrqrobªifqfd^qflkª^kaªâsbopbªa^j^dbp ^tôap+ªª

About the authors

>kkbª s^kª >^hbk fpªqebªJû*PèjfaebfkvªQ bkrobªQ o^`hªMolcbpploªcloªI^tª^ka B`lkljf`p)ªMr_if`)ªFkqbok^qflkîª^kaªBrolmb^kªI^tª^qªqebªRkfsbopfqvªlcªPq+ªDîibk) Ptfqwboi^ka+ª?bclobªqe^qªpebªt^pª^ªPbkfloªObpbôèªCbiiltª^qªqebªJûªMi^k`hªFkpqfqrqb cloªqebªObpbô èªlcª@liib`qfsbªDllapªfkª?lkkª^pªtbiiª^pª^ªPbkfloªObpbô èªCbiiltª^q qebªJûªMi^k`hªFkpqfqrqbªcloª@ljmô^qfsbªMr_if`ªI^tª^kaªFkqbok^qflkîªI^tªfk Ebfabi_bod++ªPebªfpªâjfqqbaªqlªqebª_ôªfkªDboj^kv )ªt^pª^ªS fpfqfkdªPèliôª^qªR@ ?bohbibvª^kaªV îbªI^tªPèlli)ª^kaªe^pªq^rdeqª^qªqebªRkfsbopfqvªlcªCof_lrod) Erj_liaq*Rkfsbopfqvª?boifkª^kaªRkfsbopfqfbpªlcªLpk^_oÎ`hª^kaªE^j_rodªfk Dboj^kv)ªqebªEbfabi_bodª@bkqboªmô^ª>j¤of`^ªI^qfk^ªfkªP^kqf^dlªabª@efib)ªqeb RkfsbopfqvªlcªQrofk)ªFqîv)ªqebªRkfsbopfqvªlcªE^fc^)ªFpo^bi)ªF?JB@ªfkªP^lªM^ril)ª?o^wfi) >aafpª>_^_^)ªBqeflmf^ª^kaªcloªqebªFBBJª>`âbjvªlcªFkqbok^qflkîªQ oâb+ªPebªtfiiª_b qb^èfkdª^pª^ªDil_îªI^tªMolcbpploª^qªqebªKVRªI^tªPèlliªfkª/-.-+ªPebªfpªqebªS f`b* MobpfabkqªlcªqebªBrolmb^kª>ppl`f^qflkªlcªI^tª^kaªB`lkljf`p)ªJbj_boªlcªqeb Moldo^jj^qf`ªPqbbofkdª?lôaªlcªqebªE^drbªFkpqfqrqbªcloªqebªFkqbok^qflkîfp^qflkªlc I^tª^kaªJbj_boªlcªqebªFI>ªFksbpqjbkqª@ljjfqqbbª^kaªqebªFI>ª@ljjfqqbbªlk Mofs^qbª>`qlop+

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Section 2 Policy Responses to the Crisis with Economy- Wide Implications

5. Tariff Changes

Liliana Foletti, Marco Fugazza, Alessandro Nicita UNCTAD and Marcelo Olarreaga University of Geneva

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27 The fateful allure of protectionism: Taking stock for the G8

Table 1 WTO legal and economically meaningful policy space (or tariff water)

@lrkqov JCKª ?lrka Qôfcc Pjlhbªfkª Jb^kfkdcriª Qôfcc Qôfcc T^qbo qebªT^qbo T^qbo >iiª@lrkqofbp -+-2 -+.2 -+.. -+-1 -+-4 EfdeªFk`ljb -+-1 -+.. -+-4 -+-/ -+-2 JfaaibªFk`ljb -+-5 -+/1 -+.3 -+-3 -+.- IltªFk`ljbª -+-6 -+12 -+03 -+.. -+/2

Note: Authors calculations from UNCTAD's Trains data.

Figure 1 Predicted change in MFN tariffs

USA

10 CAN AUS

CHLARG NZL EUN NOR GTM MEX ISL SLV BRA PNG HND PERPANTURURY HRVTTO BOL NIC MARPRY COL BWA MOZ TUN JAMECU NAM CRI BLZ ISR SWZ LSO MKD GUY 5 SAU JPN JOR GEO CHN IND KOR IDN THAZAF BHR MYS SGP NGA PAK PHL Predicted Change in MFN BGD UGA TZA LKA CIV GHA MUS MDGRWA SENZWE KHM GAB MWINER BENTCD TGOKGZ 0

6 7 8 9 10 11 Log of GDP per capita (2005)

Note: Authors' estimation from UNCTAD's Trains and World Bank's World Development Indicators.

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28 Tariff Changes

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About the authors

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6. Antidumping, Safeguards, and other Trade Remedies

Chad P. Bown Brandeis University

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31 The fateful allure of protectionism: Taking stock for the G8

Figure 1 Combined Use of Import-Restricting Trade Remedies, 1Q 2007 - 1Q 2009

a. New Import-Restricting Trade Remedy Investigations at the Product Level

25 Initiated by developing 20 economies

15 Initiated by developed 10 economies

0 1Q- 2Q- 3Q- 4Q- 1Q- 2Q- 3Q- 4Q- 1Q- 2007 2007 2007 2007 2008 2008 2008 2008 2009

b. Newly Imposed Import-Restricting Trade Remedies at the Product Level , Including Projected Impositions through 1Q 2010

20 Projected 15

Imposed by 10 developing economies 5 Imposed by developed economies 0 1Q- 2Q- 3Q- 4Q- 1Q- 2Q- 3Q- 4Q- 1Q- 2Q- 3Q- 4Q- 1Q- 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010

Source: Compiled by the author from the Global Antidumping Database. These are non-redundant AD, CVD, SG, CSG at the product level The Figure 1b projections for 2Q 2009 through 1Q 2010 are based on the 2007 year rate of 79 per cent of initiations subsequently resulting in definitive measures, the 2007 aver- age of a 4 quarter lag between initiation and imposition of final measure, and the rate of initiations between 2Q 2008 and 1Q 2009 documented in Figure 1a.

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32 Antidumping, Safeguards, and other Trade Remedies

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About the author

@eâª?ltk fpª>ppl`f^qbªMolcbpploªfkªqebªAbmôqjbkqªlcªB`lkljf`pª^kaªFkqbok^qflkî ?rpfkbppªPèlliª^qª?o^kabfpªRkfsbopfqvª^kaª^ªKlk*ObpfabkqªCbiiltªfkªqebªDil_î B`lkljvª^kaªAbsbilmjbkqª%DBA&ªMoldo^jª^qªqebª?ollhfkdpªFkpqfqrqflk+ª?ltkªfpª^ qbojªjbj_boªlcªqebª@lrk`fiªlkªClobfdkªObi^qflkpª^kaªpbo sbpª^pªqebª?llhªObsfbt Bafqloªcloªqebª Tloia Qoâb Obsfbt+ªEbªj^k^dbpª^ªqoâbªmlif`vªqo^kpmôbk`vªfkfqf^qfsb cloªqebªTloiaª?^khªsf^ªlod^kfw^qflkª^kaªafppbjfk^qflkªlcªqebªDil_îª>kqfarjmfkd A^q^_^pb)ª^kaªebªfpªîplª`roobkqivª^kª>asfpboªqlªqebª>jbof`^kªI^tªFkpqfqrqbª%>IF&ªmolg* b`qªlkªqebªMofk`fmibpªlcªqebªI^tªlcªT loiaªQoâb+ªFkªâafqflkªqlªefpªobpbô èªlkªTQL afpmrqbªpbqqibjbkq)ªefpªob`bkqªtlohªîplªbu^jfkbpªqebªfkqbok^qflkîªrpbªlcª^kqfarjm* fkdª^kaªp^cbdrôaªqoâbªmlif`fbp)ªqebªfkqbdo^qflkªlcª@efk^)ªFkaf^)ª^kaªlqeboªabsbilm * fkdª`lrkqofbpªfkqlªqebªdil_îªqoâfkdªpvpqbj+ªCloª/--1*2)ª?ltkªt^pªqebªLhrk*Jlabi SfpfqfkdªCbiiltªfkªB`lkljf`ªPqrafbpª^qª?ollhfkdp)ª^kaªcloª/--4*5ªebªt^pªqebªsfpfqfkd pèliôªfkªqebªB`lkljf`ªObpbô èª^kaªPq^qfpqf`pªAfsfpflkªfkªqebªTQLªPbòbqôf^qªfk Dbkbs^+ªEbªe^pªîplª_bbkª^ªsfpfqfkdªpèliôª^qªqebªT loiaª?^khªfkªT ^pefkdqlk)ªqeb @bkqboªcloªBrolmb^kªFkqbdo^qflkªPqrafbpª%WBF&ªfkª?lkk)ªDboj^kvª^kaªqebªPtbafpe K^qflkîª?lôaªlcªQoâbªfkªPql`helij+

7. Trade Finance

Jean-Pierre Chauffour and Tom Farole The World Bank

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35 The fateful allure of protectionism: Taking stock for the G8

Cfopq)ªqebobªj^vª_bª^ªqbjmloô vªfk^_fifqvªlcªqebªjôhbqªqlªmolmboivª`î`ri^qbªofphªå fkªlqeboªtloap)ªklqª^ªmol_ibjªlcªofphªmboªpbª_rqªrk`boq^fkqv )ªtefèªfpªmôqf`riôiv ^`rqbªfkªlm^nrbª^kaªefdeivªfkqbok^qflkîfwbaªjôhbqpªifhbªqoâbªcfk^k`b+ªPb`lka) fkcloj^qflkª^pvjjbqofbpªfkªfkqbok^qflkîªjôhbqpªe^sbª_bbkªbu^`bo_^qbaª_vª^ª`li * i^mpbªlcªfkqbo_^khªqorpqª^kaª^ªelôafkdªlcª`^pe)ªo^fpfkdªqebªofphªlcªfkqbo_^khªpqo^qbdf` abc^riq+ªQefoa)ªtfqeªqebªifnrfafqvªòfpfpªclo`fkdª_^khpªqlªob`^mfqîfpbª^pªnrf`hivª^pªmlp* pf_ib)ªqoâbªcfk^k`bªåªqebªj^glofqvªlcªtefèªe^sbªqbojpªibppªqe^kª.5-ªa^vpªåªqbkaªql _bªqebªcfopqªifkbpªlcªòbafqª_^khpª`rq+ªCfkîiv )ªqebobªj^vª_bªpqolkdªmlifqf`îªb`lkljv c^`qlopª^qªmi^v+ª>pªjrèªlcªqebªobpmlkpbªqlªqebªòfpfpªe^pªq^hbkªmi^`bª^qªqebªk^qflkî ibsbi)ªqeolrdeª`bkqoîª_^khpª^kaªdlsbokjbkqpªmolsfafkdªifnrfafqvª^kaªfkpro^k`bªql aljbpqf`ª_^khp)ªqebobªfpªifhbivªqlª_bªpqolkdªmlifqf`îªmobpprobª^kaªjloîªpr^pflkªqlªrpb qebpbªobplro`bpªqlªprmmloqªaljbpqf`ªibkafkd+ª Lsbopellqfkd jôhbqp+ Qebªiôdbpqªmfb`bªlcªqebªqoâbªcfk^k`bª]d^m$ªj^vªobpriqªklq coljª^ªi^`hªlcªabj^kaªloªprmmiv )ª_rqªlcªqebªqtlªc^fifkdªqlªjbbqªåªpmb`fcf`îiv )ªtebob qebªmof`bpª^qªtefèª_^khpªôbªtfiifkdªqlªprmmivªqoâbªcfk^k`bªôbªqbjmloôfivªqllªefde qlªìbôªjôhbqªabj^ka+ª>d^fk)ªqebobª^mmbôªqlª_bªpmb`fcf`ª^pmb`qpªlcªqoâbªcfk^k`b tefèªj^vªj^hbªfqªobi^qfsbivªjlobªmolkbªqlªqefpªclojªlcªjôhbqªc^firob)ªmôqf`riôiv arofkdª^ªcfk^k`fîªòfpfp+ Cfopq)ªpvpqbj^qf`ªob`îf_o^qflkªlcªofphªe^pªbppbkqfîivªclo`baª^ªaltktôaªpefcqªfkªqeb prmmivª`rosbªcloªîiªhfkapªlcªòbafq+ªEltbsbo )ªabci^qflkôvªmobpprobpªfkªqebªobîªb`lk * ljvªj^hbpªmof`bpªcloªjlpqªdllapªpqf`hv )ªdfsfkdªfkqbok^qflkîªqoâbopªifqqibªp`lmbªql m^ppªlkªqebpbª`lpqp+ªPb`lka)ªè^kdbpªfkªobdri^qlo vªobdfjbpª%pmb`fcf`îivª?^pbiªFF&ªj^v îplªe^sbªo^fpbaªqebªmof`bªlcªqoâbªcfk^k`bªqlª^ªibsbiªqe^qªfpªlrqªlcªifkbªtfqeªfqpªqorbªofph molcfib)ªarbªqlªfqpª`î`ri^qflkªlcª`lrkqbomôqvªofphªqeolrdeª^ªdbldo^mef`ªo^qeboªqe^kª^ mbocloj^k`bªibkp+ªQefoa)ªtfqeªjôhbqpªrkabodlfkdª^ªo^mfaªmol`bppªlcªofphªob`îf_o^ * qflk)ªqebªâgrpqjbkqªmol`bppªj^vªlsbopellqªqebªbnrfif_ofrjªqbjmloôfiv +ª >ªcfkîªo^qflkîbªcloªfkqbo sbkqflkªfkªprmmloqªlcªqoâbªcfk^k`bªifbpªfkªfqpªmlqbkqfî jriqfmifboªbccb`qp+ªPqolkdªfkqbo^`qflkª^jlkdpqª_^kh*fkqbojbaf^qbaªqoâbªcfk^k`b) lqeboªclojpªlcª_^khªòbafq)ª^kaªfkqbo*cfojªòbafq)ªjb^kpªqe^qª_^khfkdªpb`qloªpel`hp j^vªqofddboªè^fkªob^`qflkpªfkªqebªqoâfkdªpb`qlo )ªtefèªobplk^qbpª_^`hªqlªqebª_^kh * fkdªpb`qlo)ª^jmifcvfkdª^kaªmolilkdfkdªqebªòfpfp+ª>pªklªfkafsfarîªpbiiboªfpªifhbivªql criivªq^hbªfkqlª^``lrkqªqebªòlpp*prmmivªè^fkªd^fkpªlcªbuqbkafkdªòbafq)ªqebobªj^vª_b ^kªfkprccf`fbkqªmolsfpflkªlcªfkqbo*cfojªqoâbªòbafqªîlkdª^ªprmmivªè^fk+ªFkqbosbkqflk qlªprmmloqªifnrfafqvªfkªqebª_^khfkdªpb`qloªj^vªqebobclobª`lkqof_rqbªqlªobîfwfkdªqebpb mlqbkqfîªjriqfmifbop+ Qebpbªc^firobpªåª_lqeªjôhbqª^kaªdlsbokjbkqªfkªk^qrobªåªj^vªobnrfobªdlsbokjbkq fkqbosbkqflkpªfkªqebªclojªlcªifnrfafqvªfkgb`qflkª^kaªofphªjfqfd^qflkªqlªâaobppªjôhbq `lkcfabk`b)ªfkcloj^qflkªmolsfpflk)ª^kaª`liib`qfsbª^`qflk)ª^pªtbiiª^pªqlªj^k^dbªqeb âgrpqjbkqªmol`bpp+ªTefipqªqebª`roobkqªb`lkljf`ªòfpfpªfpªpqfiiªrkcliafkd)ª^ªkrj_boªlc aljbpqf`ª^kaªjriqfi^qboîªfkqbo sbkqflkpªe^sbª_bbkªi^rkèbaªqe^qªj^vªloªj^vªklq ibâªqlªqebªabpfobaªobpriqp+ª Ao^tfkdªlkªqebªibpplkpªcoljªm^pqªòfpbp)ªbccb`qfsbªmr_if`ª^`qflkpªfkªprmmloqªclo qoâbªcfk^k`bªpelriaª_bªdrfabaª_vª^ªkrj_boªlcªhbvªmofk`fmibp+ªQebpbªfkìrab7ª%.&ªqô * dbqfkdªfkqbosbkqflkpªqlªâaobppªpmb`fcf`ªc^firobp8ª%/&ªbkprofkdª^ªelifpqf`ªobpmlkpbªqe^q âaobppbpªqebªtfaboªifnrfafqvªfpprbpªlcª_^khp8ª%0&ªè^kkbiifkdªqebªobpmlkpbªqeolrde bufpqfkdªjbè^kfpjpª^kaªfkpqfqrqflkp8ª%1&ªbkprofkdª`liib`qfsbª^`qflkªfkªqebªobpmlkpb ^òlppª`lrkqofbpª^kaªobdflkp8ª%2&ªâaobppfkdª_lqeªofphª^kaªifnrfafqvªfpprbp8ª%3&ªob`ld *

36 Trade Finance

kfwfkdªqebªfjmloq^k`bªlcª_^khpªfkªabsbilmbaª`lrkqofbpªcloªcobbfkdªrmªqoâbªcfk^k`b cloªbjbodfkdªjôhbqªbumloqbop8ª%4&ªmoljlqfkdªdob^qboªrpbªlcªfkqbo*cfojªòbafqª^ka molar`qpªifhbªc^`qlofkd8ª%5&ªj^fkq^fkfkdª^ªibsbiªmi^vfkdªcfbiaªfkªqbojpªlcªofphªtbfdeq8 %6&ªfjmolsfkdªqo^kpmôbk`vªfkªqebªqoâbªcfk^k`bªjôhbq8ª^kaª%.-&ª^slfafkdªjloîªe^w* ôaª^kaªòltafkdªlrqª`ljjbo `fîª_^khpª_vªpbqqfkdªìbôªqfjbªifjfqpª^kaªbufqªpqo^qb * dfbpªcloªfkqbosbkqflkªmoldo^jpª^kaªpeôfkdªo^qeboªqe^kªcriivªrkabo tofqfkdªofph+

About the authors

Gb^k*Mfboobª @e^rcclro fpªIbâªB`lkljfpqªfkªqebªT loiaª?^khÖpªFkqbok^qflkîªQ oâb Abmôqjbkq)ªtebobªebªtlohpªlkªobdflkîfpj)ª`ljmbqfqfqfsbkbpp)ª^kaªqoâbªmlif`v fpprbp+ªMofloªqlªglfkfkdªqebª?^khªfkª/--4)ªebªpmbkqª.2ªvbôpª^qªqebªFJC)ªtebobªebªebia sôflrpªmlpfqflkp)ªfkìrafkdªobmobpbkq^qfsbªqlªqebªTQLª^kaªRKªfkªDbkbs^+ªJo + @e^rcclroªe^pªbuqbkpfsbªb`lkljf`ªmlif`vªbumbofbk`bª^kaªe^pªtlohbaªfkªj^kvªôb^p lcªqebªabsbilmfkdªtloia)ªjlpqªbuqbkpfsbivªfkª>cof`^)ªqebªJfaaibªB^pq)ª^kaªB^pqbok Brolmb+ªEbªeliapª^ªj^pqboªfkªb`lkljf`pª^kaª^ªj^pqboªfkªjlkbv)ª_^khfkd)ª^kaªcfk^k`b coljªqebªM^kqe¤lk*Plo_lkkbªRkfsbopfqvªfkªMôfp+ªEbªfpªqebª^rqeloªlcª Qeb Mltbo lc Cobbalj7 Rkfqfkd Erj^k Ofdeqp ^ka Absbilmjbkq< %@^ql)ª/--6&++

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8. Stimulus Packages and Government Procurement

Simon J. Evenett University of St Gallen and CEPR

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39 The fateful allure of protectionism: Taking stock for the G8

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40 Stimulus Packages and Government Procurement

Cloªprob)ª`boq^fkªpr_*cbaboîª^rqelofqfbpªfkªqebªR+P+ª^kaªbipbtebobªj^vªobpfpqªprèªl_if* d^qflkp+ªPqfii)ªqebªj^qqboªobnrfobpª^ªefdeboªmolcfibªfkªqoâbªkbdlqf^qflkp+ªFcª^ªqoâfkd môqkboªfpªrktfiifkdªqlªq^hbªlkªprèªâafqflkîªl_ifd^qflkp)ªqebkªob`bkqªbumbofbk`b prddbpqpªqe^qª^kvª`ljjfqjbkqpª`lk`bokfkdªqebª`bkqoîªdlsbokjbkqªlcªqe^qªqoâfkd môqkboªj^vªkbbaªqlª_bªafp`lrkqba+ª@lkpfabo^_ibªqelrdeqªfpªkbbabaªqlªbu^jfkbªelt qebªafpòbqflkªlcªqelpbª^dbk`fbpªobpmlkpf_ibªcloªpbqqfkdªmol`robjbkqªoribpª`^kª_b `ro_baªplªqe^qª^kvªbk^`qbaªj^ka^qbpªaf`q^qfkdªklkafpòfjfk^qflkª^d^fkpqªclobfdk _faabop)ªbsbkªfcªnrîfcfba)ªfpªdfsbkªqebªmolcfibªfkqbkaba+ >ªqefoaªfjmif`^qflkªfpªqe^qª]_rvªk^qflkî$ªmlif`fbpªqbkaªqlªpmroªobqîf^qflkª_vªqoâ * fkdªmôqkbop+ª>iobâvªpbsboîª@^kâf^kªqltkpefmpª^kaª`fqfbpªôbªq^hfkdª^`qflkªqlªafp * `lro^dbªmroè^pbpªlcªR+P+ªmolar`qp+ªOb`bkqiv)ªqebªR+H+ª>j_^ppâloªqlªqebªR+P+ªd^sbª^ eôa*efqqfkdªpmbbèª^_lrqªqebªbum^kabaª?rvª>jbof`^kªmolsfpflkpªlcªqebªpqfjrirp m^`h^db+ª>ªpr_*k^qflkîªdlsbokjbkqªfkª>rpqoîf^ªe^pªgrpqªfkqolar`baª^ª]Il`îªGl_p Cfopq$ªmoldo^jjb+ªMboe^mp)ªjlobªpfdkfcf`^kqiv )ª^qªqebª_bdfkkfkdªlcªGrkbª/--6ªqeb @efkbpbªdlsbokjbkqªfpªp^faªqlªe^sbªfpprbaªkbtª]_rvªk^qflkî$ªobdri^qflkpªqlªfqpª`fqfbp) molsfk`bp)ª^kaª`bkqoîªdlsbokjbkqªabmôqjbkqp)ªîqelrdeªtebqeboªqefpªobmobpbkqpª^ j^gloªè^kdbªfkªmlif`vªfpª`lkqbpqbaª_vª?bfgfkd+ª Clroqe)ªqebªc^`qªqe^qªqebªfjmibjbkqfkdªobdri^qflkpªcloªpqfjrirpªm^`h^dbpª`^k è^kdbªlsboªqfjbªprddbpqpªqe^qªbqbokîªsfdfi^k`bªlkªqebªmôqªlcªqoâfkdªmôqkbopªfp kbbaba+ªJbobivªpbbhfkdª^ppro^k`bpª^qªqebªqfjbªlcªbk^`qjbkqªcoljªqoâfkdªmôqkbop qe^qªqebfoªpqfjrirpªm^`h^dbpªtfiiªobpmb`qªfkqbok^qflkîªl_ifd^qflkpªillhpªk^fsbªfkªobq * olpmb`q+ªCfcqe)ª_vªbuìrafkdªabsbilmfkdª`lrkqofbpª%_rqªklqªqebªib^pqªabsbilmbaª`lrk * qofbp&ªcoljªmlqbkqfîªmobcbobkqfîªqob^qjbkqªfkªfjmibjbkqfkdª?rvª>jbof`^kªmolsf * pflkpªfkªfqpªpqfjrirpªm^`h^db)ªqebªRkfqbaªPq^qbpªe^pªpqobkdqebkbaªqebªfk`bkqfsbªlc absbilmfkdª`lrkqofbpªqlªobnrbpqªqebªi^rkèªlcªkbdlqf^qflkpªqltôapª^ªcobbªqoâbª^dobb* jbkq+ªQerpªlkbªclojªlcªafpòfjfk^qflkª%mol`robjbkqªafpòfjfk^qflk&ªj^vª_bdbq ^klqeboªclojªlcªafpòfjfk^qflkª%qôfccªmobcbobk`bp&+ Pfuqe)ªpqbmpªpelriaª_bªq^hbkªqlªifjfqªqebªfkcloj^qflkîª_roabkpªkb`bppôvªqlªl_q^fk t^fsbopªcoljª?rvª>jbof`^kªibdfpi^qflkª^kaª`lrkqbomôqpªfkªlqeboªgrofpaf`qflkp+ªDfsbk qe^qªlrqplro `fkdª^kaªfkqbok^qflkîªprmmivªè^fkpªôbªmbo s^pfsb)ªmboe^mpª^ªjlabi t^fsboª`lriaª_bªabsbilmba+ªCfkîiv )ªibdfpi^qfsbªmolsfpflkpªabj^kafkdªqe^qªîiªfolk) pqbbi)ª^kaªj^krc^`qrobaªdllapª_bªmolar`baªfkªqebªRkfqbaªPq^qbpªbccb`qfsbivªafpòfjf * k^qbpª_bqtbbkªqelpbªcfojp)ª_lqeªR+P+ª^kaªclobfdk)ªqe^qªmôqf`fm^qbªfkªfkqbok^qflkî prmmivªè^fkpª^kaªqelpbªqe^qªalªklq+ªQerpªqebª`roobkqªfjmibjbkqfkdªobdri^qflkpªclo qebªR+P+ªpqfjrirpªm^`h^dbªpbbhpªqlªafp`lro^dbªlkbªlcªqebªjlabokªfkkls^qflkpªfkªfkqbo* k^qflkîª`lomlo^qbªmo^`qf`b)ªbccb`qfsbivªmoljlqfkdªqebªbkqfobªobm^qof^qflkªlcª^ppl`f^q * baªmolar`qflkªqlªqebªRkfqbaªPq^qbp+ Qebª?rvª>jbof`^kªmolsfpflkpªfkªqebªR+P+ªpqfjrirpªm^`h^db)ªtefèªqebjpbisbpªe^sb _bbkªobm^`h^dbaªfkª^klqeboªclojªfkªibdfpi^qflkªqe^qªfpª`roobkqivªtlohfkdªfqpªt^v qeolrdeªqebªR+P+ª@lkdobpp)ª`lriaªqebobclobªe^sbªcô*ob^èfkdªfjmif`^qflkpªcloª`loml * o^qbªpqo^qbdv )ªfkqbok^qflkîªfksbpqjbkqªciltp)ª^pªtbiiª^pªqoâbªciltp+ªQebª`lkqo^pq _bqtbbkªqefpªlrq`ljbª^kaªqebª^mmôbkqivªfkkl`rlrpªi^kdr^dbªfkìrabaªfkªqeb >jbof`^kªOb`lsbovª^kaªObfksbpqjbkqª>`qªbjme^pfwbpªqebªfjmloq^kqªc^`qªqe^qªtebk fqª`ljbpªqlªob`bkqªmol`robjbkqªafpòfjfk^qflkªqebªabsfiªfpªfkªabq^fipª^kaªqe^qª^ªkbt clojªlcªjrohvªmolqb`qflkfpjªe^pª_bbkªpm^tkba+

9. Exchange Rate Policies

Sebastian Weber and Charles Wyplosz The Graduate Institute, Geneva

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43 The fateful allure of protectionism: Taking stock for the G8

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About the authors

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44 10. Labour Movement Restrictions

Biswajit Dhar and Girish Srivastava Research and Information System for Developing Countries; GNS Advisory Services

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45 The fateful allure of protectionism: Taking stock for the G8

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46 Labour Movement Restrictions

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About the authors

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11. Competition Policy

Frédéric Jenny ESSEC Business School

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49 The fateful allure of protectionism: Taking stock for the G8 qf`riôªqvmbpªlcªci^qªjbqîpª^kaªlcªcboolrpªjbqîªmfmbp+ªPfjfiôiv )ªfkªJô èª/--6) Rho^fkbªfjmlpbaªfjmloqªarqvªpro èôdbpªrmªqlª.0")ªbu`bmqªcloª]òfqf`îªfjmloqp$)ªclo ^ªmboflaªlcªrmªqlªpfuªjlkqep)ªtfqeª^ªsfbtªqlªobpqlofkdªfqpª_î^k`bªlcªm^vjbkqp+ª B`lkljf`ªbsfabk`bª^kaªm^pqªbumbofbk`bªpeltªqe^qªcôªcoljªpmbbafkdªrmªob`lsbo v) qoâbªafpqloqfkdª^kaª^kqf`ljmbqfqfsbªjb^probpªj^vªpiltªb`lkljf`ªob`lsbo vªloªbsbk mobsbkqªcriiªob`lsbov+ Vbqªqebobªfpªklªpvpqbj^qf`ª^qqbjmq)ª^qªqebªfkqbok^qflkîªibsbi)ªqlª^ppbppªqebªmlqbk * qfîivªabibqboflrpªbccb`qpªlkª`ljmbqfqflkªlcªmlif`vªobpmlkpbpªqlªqebªòfpfpªloªqlªcfka îqbok^qfsbpªibppªobpqof`qfsbªlcª`ljmbqfqflk+ªFkªqebªBRªpq^qbª^faª^kaª_^khªjbodbopªôb îiltbaªlkivª^cqboª^ª`ôbcriª`ljmbqfqflkª^ppbppjbkqª_vªqebª@ljjfppflk+ª?rqªqôfcc ^kaªklkªqôfccª_ôofbopªôbªklqªpr_gb`qªqlªqebªp^jbªpòrqfkvª^kaªkbfqeboªôbªpljbªobd * ri^qflkpª^qªqebªk^qflkîªibsbi+ªFkªjlpqª`lrkqofbpªlrqpfabªlcªqebªBR)ªprèª^pªqebªRP)ªqeb ^kqf`ljmbqfqfsbªbccb`qªlcªpq^qbª^fapªfpªklqªbsbkªpvpqbj^qf`îivªloªqo^kpmôbkqivª^ppbppba ^kaªkbfqeboªôbªmolqb`qflkfpqªjb^probpªprèª^pª^kqfarjmfkd+ Arofkdªqebª.66-pªqebobªt^pª^ªjlsbjbkqªqlª`lksfk`bª`lrkqofbpªqlªrkaboq^hbªpvp * qbj^qf`ªobdri^qlo vªobclojªmoldo^jjbp)ªqlªâlmqªobdri^qlo vªfjm^`qª^ppbppjbkqpªclo kbtªi^tpªloªobdri^qflkpª^kaªqlªdlªqeolrdeªmbboªobsfbtpªlcªqebªnrîfqvªlcªqebfoªobdr * i^qflk+ªTefibªqefpªjlsbjbkqªe^pªîiltbaª^ªkrj_boªlcª`lrkqofbpªqlªrmdoâbªrkkb`bp* pôfivªobpqof`qfsbªi^tpª^kaªobdri^qflkpªloªqlªfjmolsbªqebªnrîfqvªlcªqebfoªkbtªobdri^ * qflkp)ªfqªfpªfkprccf`fbkqªfkªqebªmobpbkqª`fo `rjpq^k`bpªqlªpqbjªqebªciltªlcªdlsbokjbkq fkqbosbkqflkpªcloªqeobbªob^plkp7ªobdri^qlovªfjm^`qª^ppbppjbkqpªôbªlcqbkªbuªmlpq8ªqebv ôbªrprîivªrkaboq^hbkªslirkqôfiv8ªqebvª`lk`bokªjlpqivªloªrkfnrbivªqebª^kqf*`lj * mbqfqfsbªfjm^`qªlcªobdri^qflkp)ªtebob^pªmlif`vªobpmlkpbpªqlªqebªòfpfpªbk`ljm^ppª^ tfabªsôfbqvªlcªfkqbosbkqflkfpqªqllip+ªª ?bpfabpªobfkclo`fkdªfkqbok^qflkîª`llmbo^qflkªlkªpqfjrirpªm^`h^dbpª%qlªafp`lro^db qebªâlmqflkªlcªafpòfjfk^qlo vª^kqf`ljmbqfqfsbªmolsfpflkpªibâfkdªqlªobqîf^qflkª_v qoâfkdªmôqkbop&ª^kaªâs^k`fkdªkbdlqf^qflkpªlcªqebªAle^ªOlrkaªfkªqebªTQLª%ql ifjfqªqebªrpbªlcªqôfccpªloªklk*qoâbª_ôofbop&)ªdlsbokjbkqpªpelriaª`ljjfqªqebjpbisbp qlªj^hbª^ª`ljmbqfqflkª^ppbppjbkqªlcªîiªmlif`vªobpmlkpbpªqlªqebªb`lkljf`ª^kaªcfk^k* `fîªòfpfpª`lkpfabobaª^kaªqe^qªprèª`ljmbqfqflkª^ppbppjbkqpª_bªjâbªmr_if`ª^qªqeb qfjbªlcªqebªâlmqflkªlcªqebªmlif`vªobpmlkpbp+ªQerp)ªqebobªtfiiª_bª^ªjlkfqlofkdªlcªmli* f`vªobpmlkpbpªqlªqebªòfpfp)ªdlsbokjbkqpªtfiiª_bª_bqqboªfkclojbaª^_lrqªqebªilkd*qboj ofphpªqebvªq^hbªfkªmoljlqfkdªqoâbªafpqloqfkdªloª`ljmbqfqflkªobpqof`qfkdªjb^probpª^ka qebvªtfiiªbubo`fpbªobpqo^fkqªcloªcbôªlcªobqîf^qflkp+ >pªtbªîiªhklt)ªprkifdeqªfpªqebª_bpqªabqbodbkq+ª

About the author

Co¤a¤of`ªGbkkv fpªMolcbpploªlcªB`lkljf`pª^qªBPPB@ª?rpfkbppªPèlliªfkªMôfp)ªGradbª^q qebªPrmobjbª@lroqªlcªCo^k`bª%@lroªabª@^pp^qflk&)ª@e^foj^kªlcªqebªLB@A @ljmbqfqflkªI^tª^kaªMlif`vª@ljjfqqbb+ªGbkkvªpqrafbaªfkªCo^k`bª^kaªqebªRkfqba Pq^qbpª^kaªeliapª^ªAl`qlo^qªbkªp`fbk`bpªB`lkljfnrbpª%RkfsbopfqvªlcªMôfp&ª^kaª^ªMe+A fkªb`lkljf`pª%Eô sôaªRkfsbopfqv&+ªEbªe^pªtofqqbkªbuqbkpfsbivªlkªfkarpqofîªlod^kf * w^qflk)ª`ljmbqfqflkªi^t)ªqoâbª^kaªb`lkljf`ªabsbilmjbkq+

50 12. Green Protectionism

Ronald Steenblik Organisation for Economic Cooperation and Development

Fqªafaªklqªq^hbªilkdª^cqboªqebªcfopqªefkqpªtbobªdfsbkª_vªdlsbokjbkqpªqe^qªqebvªtbob `lkqbjmi^qfkdªqofiiflk*aliiôªb`lkljf`ªpqfjrirpªm^`h^dbp)ªfkªâafqflkªqlªqebª_^fi*lrq m^`h^dbpªqebvªeâªîobâvªmolsfabaªqlªqebfoªcfk^k`fîªpb`qlop)ªqe^qªbueloq^qflkpªcloª^ `ljmibqbªob*lofbkq^qflkªlcªpmbkafkdªm^qqbokpªfkªprmmloqªlcª]dobbk$ªmoflofqfbpªqllhªlk qebªèô^`qbofpqf`pªlcª^ªj^kqo^+ª?looltfkdªcoljª^ªqbojªi^pqªebôaªarofkdªqebªb`l * kljf`ªòfpfpªlcªqebª.60-p)ªbksfolkjbkqîªdolrmp)ª^kaªbsbkª^ªkrj_boªlcªmoljfkbkq b`lkljfpqp)ªe^sbª`îibaªcloª^ª]DobbkªKbtªAbî$)ªfkslisfkdªj^ppfsbªfkòb^pbpªfkªpmbka* fkdªlkªqebªbksfolkjbkq)ªmôqf`riôivªfksbpqjbkqpªfkªiltbo*`ô_lkªplro `bpªlcªbkbodv) tefèªtlriaª_bªj^qèbaªfkª^ªpeloqªqfjbª_vª^kªfkqbok^qflkîª^dobbjbkqªlkª^kª^j_f * qflrpªmlpq*/-./ªìfj^qbªobdfjb)ª^kaª`loobpmlkafkdªmlif`vªè^kdbpª^qªqebªk^qflkî ibsbi+ Gradfkdªcoljªqebªm^qqbokªlcªpqfjrirpªpmbkafkdªplªcô )ªdlsbokjbkqpªôbªebbafkd qebpbª`îip+ª>``loafkdªqlª^kîvpqpªcloªqebªEP?@ª?^khªmi`)ªlcªqebªkbôivªRPAª/)5--ª_fi* iflkªfkªqûª`rqp)ªòbafqpª^kaªbuqo^ªpmbkafkdª^kklrk`baª_vªqebªtloiaÖpªb`lkljfbp qeolrdeªqebªbkaªlcªG^krôvª/--6)ªjlobªqe^kªRPAª10-ª_fiiflkªt^pªqôdbqbaª^qªfkòb^p* fkdªqebªprmmivªlcªilt*`ô_lkªmltbo )ªfjmolsfkdªbkbodvªbccf`fbk`vª%môqf`riôivªlc _rfiafkdpª^kaªqo^kpmloq&ªfkarpqofbp)ªloªrmdoâfkdªt^qboªloªt^pqbt^qboªfkco^pqor`qrob+ Qebª^sbo^dbª]dobbk$ªpeôbªfpªbpqfj^qbaªqlªe^sbª_bbkªôlrkaª.3")ª_rqª^mmol^èbaª1-" fkª@efk^ª%qebªtloiaªibâboªfkª]dobbk$ªpmbkafkd&ª^kaªlsboª5-"ªfkªPlrqeªHlob^+Qe^q qefpªrkcliafkdªpefcqªfkªmlif`fbpªe^pª_bbkªt^qèbaªtfqeªpljbªrkb^pbª_vªqoâbªb`lkl * jfpqpªfpªrkabopq^ka^_ib+ªQebobªôbªqebª`^rqflkô vªqîbpªlcªqebªDob^qªAbmobppflk)ªk^q * roîiv+ª?rqªqebobªôbªîplªibpplkpªqlª_bªibôkbaªcoljªjlobªob`bkqªòfpbp+ªFkªqebªt^hbªlc qebªlfiªòfpbpªlcªqebª.64-pª^kaªbôivª.65-p)ª^kaªqebfoªbkprfkdªob`bppflkp)ªdlsbokjbkqp mlrobaªbklojlrpª^jlrkqpªlcªjlkbvªfkqlªabsbilmfkdªîiªj^kkboªlcªîqbok^qfsbªbkbo* dvªprmmifbpªåªîqbok^qfsbªfkªqe^qªbo^ªjb^kfkdª]klqªmbqolibrj$+ªQe^qªjrèªlcªqefp bumbkafqrobªt^pªmlloivªqôdbqbaª^kaªt^pqbcriªt^pª^pªdllaª^pªmob*loa^fkba+ª?rqªqebob tbobªîplªilkd*i^pqfkdª`lkpbnrbk`bpªcloªqoâb)ª^kaªcloªqebªbksfolkjbkq)ª`lkpb * nrbk`bpªqe^qªôbªpqfiiª_bfkdªtlohbaªlrqªqla^v + Tbªôdrbªqe^qªqebªdil_îªb`lkljf`ªaltkqrokªofphpªklqªplªjrèªj^hfkdªmlif`v j^hbopªjlobª^mqªqlªobploqªqlªdobbkªmolqb`qflkfpjªqe^kªmolsfafkdª^ª_olâboªpq^dbªclo fq+ª>jlkdªqebªqeobbªc^`bpªlcªdobbkªmolqb`qflkfpjªåª_i^q^kq)ªjrohvª^kaªrkfkqbkqflkî åªqebªjrohvªc^`bªfpªlkivªqebªrdifbpqª_b`^rpbªfqªfpªqebªjlpqªfkpfaflrp+ªJrohvªdobbkªmol* qb`qflkfpjªl``ropªtebkªdlsbokjbkqpªâlmqªmlif`fbpªc^slro^_ibªqlªqebfoªltkªaljbp * qf`ªmolar`bopªrkaboªqebªdrfpbªlcªâaobppfkdªibdfqfj^qbªbksfolkjbkqîªdlîp+ªQobkapªfk bksfolkjbkqîªmoflofqfbpª^kaª^mmol^èbpªe^sbªmob*a^qbaªqebª`roobkqªb`lkljf`ªòfpfp) ^kaªtfiiª`lkqfkrbªqlªfkcirbk`bªqebªpe^mbªlcªbksfolkjbkqîª^kaªobi^qbaªbkbodvªmlif *

51 The fateful allure of protectionism: Taking stock for the G8

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About the author

Olkîaª Pqbbk_ifh fpªPbkfloªQ oâbªMlif`vª>kîvpqªfkªqebªQ oâbªAfob`qlo^qbªlcªqeb Lod^kfp^qflkªcloªB`lkljf`ª@l*lmbo^qflkª^kaªAbsbilmjbkqª%LB@A&+ªFkª/--3*5)ªeb t^pªbjbofqrpªAfob`qloªlcªObpbô èªcloªqebªFFPAÖpªDil_îªPr_pfafbpªFkfqf^qfsbª%DPF&+ OlkîaÖpªmolcbppflkîª`ôbboªpm^kpªqeobbªab`âbp)ªfkªfkarpqo v)ª^`âbjf^)ªqebªR+P+ªcba * boîªdlsbokjbkq)ª^kaªfkqbo*dlsbokjbkqîªlod^kfw^qflkp)ªdbkboîivªlkªmlif`vªfpprbp obi^qbaªqlªk^qroîªobplro `bp)ªqebªbksfolkjbkq)ªloªqoâb+ªColjª/--/*3)ªebªtlohbaª^q qebªLB@A)ªtebobªebªjâbªfjmloq^kqª`lkqof_rqflkpªqlªqebªTQLªkbdlqf^qflkpªlk bksfolkjbkqîªdllapª^kaªpbo sf`bp+ªEbªîplªpbo sbaªlkªRK@Q >AÖpª@lkpriq^qfsbªQ ^ph Clo`bªlkªBksfolkjbkqîªObnrfobjbkqpª^kaªJôhbqª>``bppªcloªAbsbilmfkdª@lrkqofbp ^kaªlsbop^tªqebªmobmô^qflkªlcªpljbªqtbkqvª`^pbªpqrafbpªlkªqefpªqlmf`+

52 13. FDI Protectionism is on the Rise

Karl P. Sauvant Columbia University

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1 For a full discussion, see. Karl P. Sauvant, "Driving and countervailing forces: a rebalancing of national FDI policies," in Karl P. Sauvant, ed., Yearbook on International Investment Law and Policy 2008-2009 (New York : Oxford University Press, 2009), pp. 259-260. 2 UNCTAD, World Investment Report 2008: Transnational Corporations and the Infrastructure Challenge (Geneva: UNCTAD, 2008). 3 This was also recognized by the G20 in their meetings of November 2008 and April 2009, when they called for a moratorium on new investment protectionist measures.

53 The fateful allure of protectionism: Taking stock for the G8

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4 The financial crisis and recession may dampen the rise of FDI protectionism as countries seek capital to shore up local firms and to increase investment to help them emerge from the recession. But the crisis may also accentuate protectionism, especially if nationalistic impulses gain the upper hand, perhaps stimulated by fire-sales of domestic assets (as we saw during the Asian financial crisis).

54 FDI Protectionism is on the Rise

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5 The underlying logic for this approach is, among other things, that MNEs are, in any event, subject to the laws and regulations of host countries that can be enforced through national courts and that such a regime helps countries to attract FDI.

55 The fateful allure of protectionism: Taking stock for the G8

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About the author

HôiªM+ªP^rs^kq fpªqebªclrkafkdªBub`rqfsbªAfob`qloªlcªqebªS îbª@lirj_f^ª@bkqboªlk Prpq^fk^_ibªFkqbok^qflkîªFksbpqjbkq)ªObpbô èªPèliôª^kaªIb`qroboªfkªI^tª^q @lirj_f^ªI^tªPèlli)ª@l*Afob`qloªlcªqebªJfiibkkfrjª@fqfbpªFkfqf^qfsb)ª^kaªDrbpq Molcbpploª^qªK^kh^fªRkfsbopfqv )ª@efk^+ª?bclobªqe^q)ªebªt^pªAfob`qloªlcªRK@Q >A$p FksbpqjbkqªAfsfpflk+ªEbªfpªqebª^rqeloªlc)ªloªobpmlkpf_ibªclo )ª^ªpr_pq^kqfîªkrj_boªlc mr_if`^qflkp+ªFkª/--3)ªebªt^pªbib`qbaª^kªElkloô vªCbiiltªlcªqebªBrolmb^k Fkqbok^qflkîª?rpfkbppª>`âbjv+

56 Section 3 Sector-Specific Policy Responses to the Crisis

14. Financial Nationalism

Stijn Claessens International Monetary Fund

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59 The fateful allure of protectionism: Taking stock for the G8

pqor`qrobªpqor`qrobpªalªklqªb^pfivªj^mªfkqlª^ªabdobbªlcª`ljmbqfqflk+ª?b`^rpbªlcªqebpb jbqelalildf`îªèîibkdbp)ª`lj_fkbaªtfqeªi^`hªlcªâbnr^qbªa^q^)ªqebªabdobbªlcª`lj* mbqfqflkªfkªcfk^k`fîªpbosf`bpªfpªeôaªqlªabqbojfkbªbjmfof`îiv+ª Croqebojlob)ª^ªifkhªe^pªlcqbkª_bbkªjâbª_bqtbbkª`ljmbqfqflkª^kaªcfk^k`fîªpq^ * _fifqvªfkªqebª`lkar`qªlcª%morabkqfî&ªobdri^qflk+ªTebqeboªqefpªifkhªbufpqpª^kaªtev ) eltbsbo)ªfpªab_^q^_ib+ªKbsboqebibpp)ªqefpªsfbtªe^pª^ccb`qbaªmlif`vªj^hfkd+ªJlobªdbk * boîiv)ªcfk^k`bª`^kªprccboªcoljªj^kvªjôhbqªc^firobp)ª`îifkd)ª^qªib^pqªfkªqeblo v)ªclo buqbkpfsbªdlsbokjbkqªfkqbosbkqflkp+ @ljmibufqv)ªpq^_fifqvª^kaªjôhbqªc^firobpªbibjbkqpª^ccb`qªeltªlkbª`lkpfabopªqeb bccb`qpªlcª^kvªmr_if`ªmlif`v )ªfkìrafkdªclojpªlcªpq^qbªfkqbo sbkqflkªfkªcfk^k`fîªòfpbp) lkª%fkqbok^qflkî&ªcfk^k`fîªpb`qloª`ljmbqfqflk+ªArofkdªqfjbpªlcªcfk^k`fîªqrojlfiª^ka òfpbp)ª`lloafk^qflkªc^firobpª^kaªâsbopbªfjm^`qªlcª^ªc^fifkdªcfk^k`fîªpvpqbjªlkªqeb obîªb`lkljvªgrpqfcf^_ivª`îiªcloªdlsbokjbkqªfkqbo sbkqflkp+ªPrmmloqª`^kªqebk bke^k`bª`ljmbqfqflkª^pªfqª^slfapªqebªbifjfk^qflkªlcª%klk*pvpqbjf`&ªfkpqfqrqflkp bppbkqfîªqlª`lkqbpq^_fifqv*qla^vª^kaªfkªqebªcrqrob+ Kbsboqebibpp)ªprmmloqªe^pªibaªqlªj^kvªafpqloqflkpª^kaªrkabojfkbaª`ljmbqfqflk) bpmb`fîivªfkqbok^qflkîiv +ªJlpqªdlsbokjbkqªfkqbo sbkqflkpªqlªa^qbªe^sbª_bbkª^q k^qflkîªibsbipª^kaªjrèªafob`qbaªqltôapªk^qflkîª"è^jmflkp+"ª@lrkqofbpªtbobªîpl nrf`hªqlª"ofkd*cbk`b"ª^ppbqpªfkªqebfoªgrofpaf`qflkpªtebkªòlpp*_loaboªbkqfqfbpªpeltba pfdkpªlcªc^fifkd)ªobcib`qfkdªqebª^_pbk`bªlcªìbôª_roabkªpeôfkdªjbè^kfpjpªcloª_^khp tfqeªfkqbok^qflkîªlmbo^qflkp+ªDfsbkªmlifqf`îªb`lkljvªaofsbop)ª^pª_olrdeqªlrqª_vªòf* pfpªobpmlkpbp)ªfqªfpªifhbivªqe^qªprmmloqªtfiiªobj^fkªk^qflkîiv*lofbkqbaª^kaªfkqbok^ * qflkîªafpqloqflkpªofphpªfkòb^pbªcroqebo +ª?rq)ªqefpªjb^kpª^ªjlsbª^t^vªcoljªcfk^k`fî fkqbdo^qflkª^kaªc^foªfkqbok^qflkîª`ljmbqfqflk+ Mlif`vªobpmlkpbpªqlªmobsbkqªqefpªôbªqerpªrodbkqivªkbbaba+ªCloªqebªpeloq*qboj) dob^qboªbccloqpªqlªeôjlkfwbªprmmloqªjb^probpª^òlppª`lrkqofbpª`^kªebimª%ob*&ibsbiªqeb mi^vfkdªcfbia)ª^slfaªj^gloªafpqloqflkpª^kaªqebob_vªebimªobpqlobª`ljmbqfqfsbª`lkaf * qflkp+ªQebªlsboîiªdbkboîªmofk`fmibpªkbbabaªôbªpfjfiô+ªJlobªbuqbkabaªobq^fiªdrô^k* qbbpªkbbaªqlª`lsboªîiªabmlpfqpªrkfclojivªtfqefkª^ªgrofpaf`qflkª^kaªmobcbo^_ivª^òlpp grofpaf`qflkp+ªQefpªfpªbpmb`fîivªòfqf`îªtebobªcfk^k`fîªjôhbqpªôbªìlpbivªfkqbdo^qba+ >ipl)ªdrô^kqbbpªcloªfkqbo_^khªibkafkd)ª_lkaªfpprbpª^kaªlqeboªtelibpîbªcrkafkdªe^sb qlª_bªìbôivªpq^qbaª^kaª_bª^s^fi^_ibªcloªîiªcfk^k`fîªfkpqfqrqflkp+ª@^mfqîªfkgb`qflkp pelriaª_ofkdª`^mfqîªrmªqlªob`ldkfwbaªpq^kaôapª^qªîiªfkpqfqrqflkpª%tfqeª_rccbopªclo crqrobªilppbp&)ª^pªrkabo`^mfqîfwbaªfkpqfqrqflkpªj^vªrkabojfkbª`ljmbqfqflk+ª>kaªdbk* boîªmoldo^jpªcloªmro è^pfkdª^ppbqpªpelriaªklqªafpòfjfk^qbª_bqtbbkªfkpqfqrqflkpªlo k^qflkîfqv+ªQebobªîplªfpª^ªkbbaªcloªfjmolsbaª`lloafk^qflkªtebkªbufqfkdªcoljªqeb sôflrpªfkqbosbkqflkp+ª Qebªmobjfpbªrkaboivfkdªqebpbªmofk`fmibpªfpªqe^q)ª^pªilkdª^pªqebpbªfkqbo sbkqflkpªôb ^mmifbaªqlªîiª%k^qflkî&ªcfk^k`fîªfkpqfqrqflkpª^kaªîiªclojpªlcªcfk^k`fîªfkqbojbaf^ * qflkªbnrîiv)ªqebobªkbbaªklqª_bªkbd^qfsbª`lkpbnrbk`bpªcloª`ljmbqfqflk+ªQefpªfpªklq kb`bppôfivªpl)ªeltbsbo+ªPlisbkqªcfk^k`fîªfkpqfqrqflkp)ªcloªbu^jmib)ªalªklqª_bkbcfqª%^p jrè&ªcoljªdrô^kqbbp+ª>kaªfkqbosbkqflkp)ªfkªmôqª^pªqebvªôbª^kqf`fm^qba)ª`lkafqflk jôhbqª_be^sflo+ª>pªprè)ªbsbkªtebkª^mmifbaªbsbkiv)ªfkqbosbkqflkpªfkªqfjbpªlcªcfk^k* `fîªpqobppª`^kªe^sbªlsboîiªkbd^qfsbªbccb`qpªlkª`ljmbqfqflk+ªJ^kvªafpqloqflkpªqerp obj^fkªrk^slfa^_ibªfkªqebªpeloq*ork)ªtfqeªâsbopbª`lkpbnrbk`bªcloª`ljmbqfqflk+ª Cloªqebªjbafrjªqboj)ªdfsbkª^kªbsboªqfdeqboªfkqbdo^qbaªdil_îªcfk^k`fîªpvpqbj) qebobªfpª^ªkbbaªcloªdob^qboª`llmbo^qflkª^kaª`lloafk^qflkª^òlppª`lrkqofbp)ªîplªql ^slfaª^kªbp`î^qflkªlcªk^qflkîfpj+ªBufpqfkdª^mmol^èbpªcloªòlpp*_loaboªcfk^k`fî 60 Financial Nationalism

jôhbqp*^fjbaªiôdbivª^qªdob^qboª`lksbodbk`bª^kaª`lloafk^qflk*alªklqª^slfaªqebªkb`* bppôv)ª_rqªâ*el`ª^kaªafpqloqfsbªfkqbo sbkqflkpªfkªqfjbpªlcªpqobppª^kaªq^hbªjrèªqfjb qlªmrqªfkªmi^`b+ªJriqfi^qboîªjbè^kfpjpªtfqeªpqolkdªbu*^kqbª`ljjfqjbkqª^kaªbu* mlpqªbkclo`bjbkqªmltbopªôbªiôdbivªi^`hfkd*bu`bmqªcloªôo^kdbjbkqpªfkªìlpbivªfkqb * do^qbaªobdflkpª^kaªbsbkªqebpbªôbªfk`ljmibqb+ªQefpªfpªjlpqªbsfabkqªfkªqebªobplirqflk lcªdil_îª_^khpªebânrôqbobaªfkªobi^qfsbivªpjîiª`lrkqofbpª_rqªtfqeª_î^k`bªpebbqp qe^qª`^kªbu`bbaªqebfoªeljb*`lrkqo vÖpªDAM+ Kbtª^mmol^èbpªôbªqebobclobªkb`bppô v+ª>ªcbtªe^sbª_bbkªbumilobaªlsboªqebªvbôp) b^èªtfqeªqebfoªltkªâs^kq^dbpª^kaªmol_ibjp+ªClroªlmqflkpª`^kª_bªfabkqfcfbaªqe^q `^kªebimªtfqeª^pprofkdª`ljmbqfqfsbª`lkafqflkp)ªbsbkªfkªqfjbpªlcªcfk^k`fîªpqobpp7ª

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Ab`bkqoîfwba) _rq `lksbodba ^mmol^èbp+ >ª"qefoaª_bpq"ª`lriaª_bª^ªab`bkqoîfwba ^mmol^è)ªf+b+)ªtebobª^`qflkpªôbªklqª`lloafk^qba)ª_rqªco^jbtlohpªôbªâ^mqba)ªtfqe qebªbumb`q^qflkªqlªjfjf`ªlrq`ljbpªpfjfiôªqlªqelpbªrkaboª^ªcfopqªloªpb`lkaª_bpq obdfjb+ªQefpªtlriaª^qªqebªjfkfjrjªfkslisbªjlobª`lksbodbk`bªfkªcfsbªôb^p7ª%f&ªoribp 61 The fateful allure of protectionism: Taking stock for the G8

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About the author

Pqfgkª@i^bppbkp fpª>ppfpq^kqªAfob`qloªfkªqebªObpbô èªAbmôqjbkqªlcªqebªFkqbok^qflkî JlkbqôvªCrkaªtebobªebªebâpªqebªJ^òl*Cfk^k`fîªIfkh^dbpªRkfqª^kaª^ª@BMO ObpbôèªCbiilt+ªEbªpqôqbaªefpª`ôbboªqb^èfkdª^qªKbtªVlohªRkfsbopfqvª_rpfkbppªpèlli %.654&ª^kaªqebkªtlohbaªcoljª.654*/--.ª^qªqebªT loiaª?^khªfkªsôflrpªmlpfqflkp+ªEb q^rdeqª^qªqebªRkfsbopfqvªlcª>jpqboa^jªcoljª/--.*/--1)ªtebobªebªobj^fkpª^ªMolcbpplo lcªFkqbok^qflkîªCfk^k`bªMlif`v+ªMofloªqlªefpª`roobkqªmlpfqflk)ªebªt^pªPbkfloª>asfpboªfk qebªCfk^k`fîª^kaªMofs^qbªPb`qloªS f`b*Mobpfabk`vªlcªqebªTloiaª?^khª%/--1*/--3&+ªJo+ @i^bppbkpªe^pªmolsfabaªmlif`vªâsf`bªqlªbjbodfkdªjôhbqpªfkªI^qfkª>jbof`^ª^kaª>pf^ ^kaªqlªqo^kpfqflkªb`lkljfbp+ªEfpªobpbôèªe^pª_bbkªtfabivªmr_ifpebaª^kaªebªe^pªbafq* baªpbsboîª_llhp+ªEbªfpª^kªBafqloªlcªqeb Glrokî lc Cfk^k`fî Pbosf`bp Obpbôè ^kaª^k ^ppl`f^qbªbafqloª^qªlqeboªglrokîp+ª 62 15. Agriculture

Tim Josling and Stefan Tangermann Stanford University; University of Göttingen

Dlsbokjbkqªprmmloqªlcª^dof`riqrobªe^pª_bbkª^ªklq^_ibªcb^qrobªlcªqebªb`lkljf`ªi^ka * p`^mbªcloªab`âbp+ª?rqªob^`qflkpªqlªqebªb`lkljf`ªòfpfpªfkªqebªôb^ªlcª^dof`riqroîªmli * f`vªe^sbª_bbkªobi^qfsbivªjrqba+ªKlªj^gloªmolqb`qflkfpqªjb^probpªe^sbª_bbk ^kklrk`baª^pª^ªobpriqªlcªqebªòfpfp+ªPbsboîª`lrkqofbpªe^sbªfkòb^pbaªqôfccpªlkª^dof`ri* qroîª^kaªcllaªmolar`qpª_rqªlqebopªe^sbªobar`baªqebj+ªQebªm^mboªbu^jfkbpªpljb cloqv*qeobbªmlif`vªjb^probpª`lkq^fkbaªfkªqebªifpqªlcªmlqbkqfîivªqoâb*afpqloqfkd ^`qflkpª`ljmfibaª_vªqebªTQLª%^kaªqebªprmmloqfkdªj^qbofîªmolsfabaª_vªqebªT?&ª^ka fkªob`bkqªmobppªobmloqp+ª >jlkdª`lrkqofbpªqe^qªo^fpbaª^dof`riqroîªqôfccp)ªlkivªqeobbª%B`râlo )ªQrohbvª^ka Orppf^&ª^kklrk`baªtfabpmobâªfkòb^pbp7ªlqebopªifjfqbaªqôfccªefhbpªqlªpfkdibªmolar`qp+ Pljbª`lrkqofbpªfkqolar`baªebîqeª^kaªp^cbqvªjb^probpª^kaª^kqfarjmfkdªarqfbp) qelrdeªqebpbªj^vªklqªe^sbª_bbkª^ªobpriqªlcªqebªòfpfp+ªLqebopªobjlsbaªqebªbumloq qûbpªqe^qªeâª_bbkªfkqolar`baªfkªqebªmof`bª_lljªlcª/--4*-5+ªT fqeªqebªbu`bmqflkªlc BRª^kqfarjmfkdªarqfbp)ªîiªobmloqbaªfjmloqªobpqof`qflkpªtbobªfkqolar`baª_vªabsbilm * fkdª`lrkqofbp+ J^kvªabsbilmbaª`lrkqofbpªîobâvªe^sbªfkªmi^`bªprmmloqªjb^probpªqe^qª^`qª^p `lrkqbo*`vìf`îªmolqb`qflkª^d^fkpqªiltboªmof`bp+ª?lqeªqebªRPª^kaªqebªBRª^`qfs^qba bumloqªpr_pfavªjb^probpªfkªqebªjôhbqªcloªa^fo vªmolar`qpª^pªtloiaªmof`bpªcbii+ªLqebo `lrkqbo*`vìf`îª^`qflkpªtbobªibppª^mmôbkqª^pªklªmlif`vªab`fpflkªt^pªkb`bppô v+ª Qeobbª`lrkqofbpª%Qrkfpf^)ªFkaf^ª^kaªqebªMefifmmfkbp&ªobar`baªcôjªmolar`qªqôfccpªql ^faª`lkprjbop)ª^kaªlkbª%B`râlo&ª`rqªqôfccpªlkªo^tªj^qbofîpªîlkb+ªQtlªebîqe*obi^q* baª_^kpªlkªjb^qªfjmloqpªtbobªobjlsba)ªqelrdeªmol_^_ivªklqª^pª^ªobpmlkpbªqlªqebªòf* pfp+ªFqª^mmbôpªqe^qªfkªpljbª`^pbpªdlsbokjbkqpªtbobªob^`qfkdªqlªqebªefde*mof`bªmbofla lcª/--4*-5ªo^qeboªqe^kªqebªb`lkljf`ªòfpfpªqe^qªcliiltba+ª Dlsbokjbkqªpqfjrirpªm^`h^dbpªe^sbªklqªfkªdbkboîªqôdbqbaª^dof`riqrob)ªqelrde pljbªâafqflkîªm^vjbkqpªe^sbª_bbkªjâbªcloªoroîªabsbilmjbkqªpèbjbp+ª@efk^ªfk môqf`riôªe^pªpbqª^pfabª^ªpfdkfcf`^kqªpeôbªlcªfqpªpqfjrirpªm^`h^dbªcloªoroîªôb^p+ Klq^_ibªfpªqebªobi^qfsbª^_pbk`bªlcªfkòb^pbpªfkªmof`bªprmmloqªcloªcôjªmolar`qp+ª Tevªe^pªqebª^dof`riqroîªpb`qloªklqª_bbkªc^slrobaª_vªdlsbokjbkqª^`qflkªfk obpmlkpbªqlªqebªòfpfp<ªTevªafaªqebªaldªklqª_ôh<ª>dof`riqroîªfkcirbk`bªfkªmlifqf`î ab`fpflkpªe^pª`boq^fkivªabòb^pbaªfkªqebªm^pqªqtlªab`âbp)ª_rqªfpªpqfiiªpqolkdªfkªj^kv `lrkqofbp+ªQebªaldªfpªpqfiiª`^m^_ibªlcª_ôhfkd+ªQebªbccb`qªlcªqebª`ljjlafqvª_llj rkalr_qbaivªibcqª^dof`riqrobªfkª^ªpqolkdboªpfqr^qflkªtebkªqebªob`bppflkªefq)ª^kaªmof`bp ôbªpqfiiªefdeªfkªefpqlof`îªqbojp+ªCllaªabj^kaªqbkapªqlª_bªj^fkq^fkbaªarofkdªob`bp * pflkp)ªplªmboe^mpªqebªaldªeâªklªob^plkªqlª_ôh+ª?rqªqebªmf`qrobªqe^qªbjbodbpªfpªqe^q lcªj^kvªpjîiª^`qflkpª_vª`lrkqofbp)ªjlpqivªabsbilmfkd)ªqe^qªe^sbª_bbkªo^qeboªpmb`fc *

63 The fateful allure of protectionism: Taking stock for the G8

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About the authors

QfjlqevªGlpifkd fpª^ªmolcbpplo )ªbjbofqrp)ª^qªqebª%clojbo&ªCllaªObpbô èªFkpqfqrqbª^q Pq^kcloa8ª^kªCPFªpbkfloªcbiiltª_vª`lroqbpv8ª^kaª^ªc^`riqvªjbj_boª^qªCPFÖpªClorjªlk @lkqbjmloôvªBrolmb+ªEfpªobpbôèªcl`rpbpªlkª^dof`riqroîªmlif`vª^kaªcllaªmlif`vªfk fkarpqofîfwbaªk^qflkp8ªfkqbok^qflkîªqoâbªfkª^dof`riqroîª^kaªcllaªmolar`qp8ª^kaªqeb mol`bppªlcªb`lkljf`ªfkqbdo^qflk+ªEbªfpª`roobkqivªpqravfkdªqebªobclojªlcªqebª^dof`ri * qroîªqoâfkdªpvpqbjªfkªqebªT loiaªQoâbªLod^kfw^qflkp)ªfkìrafkdªqebª`roobkqªolrka lcªkbdlqf^qflkp8ªqebªrpbªlcªdbldo^mef`îªfkaf`^qflkpªfkª^dof`riqroîªqoâb8ª^kaªqeb mol_ibjpªc^`baª_vªmolar`bopªlcªJbafqboo^kb^kªcllaªmolar`qp+ªEbªe^pªîplªob`bkqiv alkbªobpbôèªlkªqebª^dof`riqroîªqoâbªmlif`fbpªlcª`lrkqofbpªfkªqebª@ôf__b^kª?^pfk8 obclojªlcªqebªcôjªmlif`vªfkªqebªBrolmb^kªRkflk8ª^kaªqebªnrbpqflkªlcªobdflkîªfkqb * do^qflkª^kaªfqpªolibªfkªqebªjriqfi^qboîªpvpqbj)ªfkªmôqf`riôªfkªqebªobclojªlcª^dof`ri * qroîªqoâb+ª?bclobª`ljfkdªqlªPq^kcloaªfkª.645)ªGlpifkdªq^rdeqª^qªqebªIlkalkªPèlli lcªB`lkljf`pª^kaª^qªqebªRkfsbopfqvªlcªObâfkd+

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64 16. Review and Analysis of Protectionist Actions in the Textile and Apparel Industries

Stacey Frederick and Gary Gereffi North Carolina State University; Duke University

Qebªqbuqfibª^kaª^mmôbiª%Q#>&ªfkarpqofbpªe^sbª^ªilkdªefpqlovªlcªmolqb`qflkfpj)ªfkìra* fkdªqebªJriqfcf_boª>oo^kdbjbkqª%JC >&ªqe^qªdlsbokbaªtloiaªqoâbªfkªqebpbªmolar`qp coljª.641ªqlª/--1+ªªMolqb`qflkfpqªjb^probpªfkªQ#>ªfkìrab7ªqôfccª_ôofbop)ªklk*qôfcc _ôofbop)ª^kaªdlsbokjbkqªpr_pfafbpª^kaªprmmloqªm^`h^dbp+ªªPfk`bªqebª_bdfkkfkdªlcªqeb `roobkqªb`lkljf`ªòfpfpª%L`ql_boª/--5&)ª^ªc^foivªiôdbªkrj_boªlcªqoâb*obpqof`qfkd jb^probpªfkªqebªQ#>ªfkarpqofbpªe^sbªq^hbkªbccb`q)ªbpmb`fîivªfkª^kqfarjmfkdªfksbpqf * d^qflkpª^kaªp^cbdrôap+ªªEltbsbo)ª^ªj^glofqvªlcªqebpbªtbobªfkfqf^qbaª_vªlkivª^ªe^ka * criªlcªobmloqfkdª`lrkqofbpª^d^fkpqª^ªpjîiªkrj_boªlcªbumloqfkdª`lrkqofbp+ªªQebªifpqªlc molar`qpªfkªnrbpqflkªfpªnrfqbªifjfqba)ª^kaªj^kvªlcªqebª`lrkqofbpªfkfqf^qfkdªqebpbªqoâb ^`qflkpªalªklqªmi^vª^ªj^gloªolibªfkªfkqbok^qflkîªQ#>ªqoâb+ªªColjª^ª_olâboªefpqlof * `îªmbopmb`qfsbª^kaªdfsbkªqebªme^pbªlrqªlcªqebªJC>ªnrlq^ªpvpqbjª_vªqebªTloiaªQoâb Lod^kfw^qflkª%TQL&ªfkª/--2)ªtbªôbªôdr^_ivªfkªqebªjlpqª]if_boî$ªmboflaªcloªQ#>ªfk jlobªqe^kªqeobbªab`âbp+ ?lqeªpeloq*qbojª^kaªilkd*qbojªmbopmb`qfsbpªôbªkbbabaªqlªbsîr^qbªmolqb`qflkfpq qobkapªfkªqebªQ#>ªpb`qlop+ªFkªqebªpeloqªqboj)ªpbsboîªpq^qfpqf`pªfkaf`^qbª^ªob`bkq rmptfkdªfkªqebªkrj_boªlcªqôfccª^kaªklk*qôfccª^`qflkpªqe^qªe^sbªq^hbkªmi^`bªfkªîi fkarpqofbp+ªª>``loafkdªqlªqebªT loiaª?^kh)ªcoljªqebª_bdfkkfkdªlcªqebªcfk^k`fîªòfpfp %L`ql_boª/--5&ªqeolrdeªCb_orô vª/--6)ªqoâbªlccf`fîpªe^sbªmolmlpbaª^ka,loªfjmib * jbkqbaªolrdeivª45ªqoâbªjb^probp .+ªLcªqebpb)ª33ªfkslisbaªqoâbªobpqof`qflkpª^kaª14 qoâb*obpqof`qfkdªjb^probpªe^sbªq^hbkªbccb`qª%pbbªQ^_ibª.ªcloªpmb`fcf`ªjb^probp&+ªFkªdbk* boî)ªabsbilmbaª`lrkqofbpªôbªobivfkdªlkªfkarpqo vªpr_pfafbpªfkªobpmlkpbªqlªqebªòfpfp ^kaªabsbilmfkdª`lrkqofbpªôbªjlobªlcqbkªfkòb^pfkdªqôfccp+ªFkª_lqeª`^pbp)ªqebobªe^p _bbkª^ªofpbªfkª^kqfarjmfkdª`^pbpª^kaªfkª^dof`riqroîªpr_pfafbp+ Eltbsbo)ªfkªqebª`^pbªlcªqebªQ#>ªpb`qlop)ª^ªilkdfqrafkîªmbopmb`qfsbªpelriaªîpl ^``ljm^kvª^kîvpfpªlcªqebªob`bkqªqobkap+ªTebkª`ljmôbaªtfqeªqebªi^pqªclroªab`âbp) lkbª`^kªì^fjªqe^qªqebªkrj_boªlcªqoâb*obpqof`qfkdª^`qflkpªfpªao^pqf`îivªobar`ba+ >``loafkdªqlª@ilqebplro `b)ªpfk`bªL`ql_boª/--5)ªjlobªdlsbokjbkqpªfkªdôjbkq* fjmloqfkdª`lrkqofbpªe^sbªobjlsbaª_ôofbopªqlªqebªìlqefkdªqoâbªqe^kªbsboª_bclobª^ka qebªi^pqªpfuªjlkqepªe^sbªobmobpbkqbaªqebªjlpqªtfabpmobâ*^kaªrkabo*obmloqba*^_lif * qflkªlcªmolqb`qflkfpqªqoâbª_ôofbopªqe^kª^kvªmboflaªlkªob`loa+ªQebªobmloqªc^riqp bumloqbopªtelªôbª]rk^_ibªloªqllªpiltªqlªbumilfqªqebpbªè^kdbp$ª^kaªqerpªqebvªôb cfkafkdªfqªb^pfboªqlª_i^jbªqebfoªdlsbokjbkqpªloªklk*bufpqbkqªmolqb`qflkfpqª_ôofbopªclo qebfoªi^`hªlcªpr``bppª%0&+

1 These figures do not include anti-dumping cases.

65 The fateful allure of protectionism: Taking stock for the G8

Table 1 Trade-Restricting Measures: October 2008 through February 2009

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Source: Gamberoni, E., & Newfarmer, R. (2009). Trade protection: Incipient but worrisome trends: Trade Note #37. Washington, D.C.: World Bank, International Trade Department.

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66 Review and Analysis of Protectionist Action in the Textile and Apparel Industries

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Recommendations to policymakers and practitioners

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67 The fateful allure of protectionism: Taking stock for the G8 obpriqªlcªqebªob`bkqªb`lkljf`ªòfpfpªqlªpq^_fifwbªQ#>ªmolar`qflkª^kaªpîbpªqlªj^fkq^fk bjmilvjbkq+ªª@efk^Öpªqoâbª^`qflkpªpelriaª_bªìlpbivªjlkfqloba)ª_rqªqebª`lrkqo v pelriaªîplª_bªbk`lro^dbaªqlªprpq^fkªfqpªi^_loªobclojpª^kaªqlª`lkqfkrbªfqpªfksbpqjbkqp fkªqebªpb`qloª^fjbaª^qªmoljlqfkdªpl`fîª^pªtbiiª^pªb`lkljf`ªrmdoâfkd+ Pl`fîª^kaªbksfolkjbkqîª`ljmif^k`bªfpªbjbodfkdª^pª^ªsbovªfjmloq^kqªfpprbªcloªqeb Q#>ªfkarpqofbpªarbªqlªqebªi^_loªfkqbkpfqvªlcªqebª^mmôbiªfkarpqo vª^kaªqebªbksfolk * jbkqîªfjm^`qªlcªqebªqbuqfibªfkarpqo vª%b+d+)ªefdeªrp^dbªlcªbkbodvª^kaªt^pqbªt^qbo&+ J^kvªlcªqebªibâfkdªdil_îªobq^fibopª^kaªj^krc^`qrobopªlcªQ#>ªmolar`qpªôbªbpq^_ * ifpefkdª`^jm^fdkpªqlªòb^qbªjlobªprpq^fk^_ibªprmmivªè^fkpª^kaªmolar`qp)ª^kaªqebv ôbªfkª^ªpqolkdªmlpfqflkªqlªmoljlqbªfjmolsbjbkqpªfkªi^_loª^kaªbksfolkjbkqîª`lk * afqflkpªfkªqebªjlpqªfjmloq^kqªabsbilmfkdª`lrkqo vªbumloqbop)ªprèª^pª@efk^)ªFkaf^) ?^kdiâbpe)ªFkalkbpf^)ª^kaªM^hfpq^k+ªªQebpbªpl`fîª^kaªbksfolkjbkqîªbccloqpªpelria _bªj^fkq^fkbaª^kaªpqobkdqebkba+

About the authors

Pq^`bvªCobabof`h fpª`roobkqivª^ªal`qloîª`^kafa^qbªfkªQbuqfibªQbèklildvªJ^k^dbjbkq ^qªqebª@liibdbªlcªQ buqfibpª^qªKloqeª@ôlifk^ªPq^qbªRkfsbopfqv +ªPq^`bvÖpªobpbô èª`lj* _fkbpªeboª^`âbjf`ª_^`hdolrkaªfkªqbuqfibªp`fbk`bª^kaªj^k^dbjbkqªtfqeªeboªfkqbobpq fkªb`lkljf`ªabsbilmjbkq+ªPebªbkglvpªrpfkdªqebªsîrbªè^fkªco^jbtlohª^kaªabsbi * lmfkdª^kîvqf`îªqllipªqlªebimªlqebopªrkabopq^kaªfkarpqofîªlod^kfw^qflkªm^qqbokpªfk qebªqbuqfibªfkarpqo v+ªPebªe^pªîplª^mmifbaªqefpª^mmol^èªqlªpbsboîªlqeboªfkarpqofbp qeolrdeªeboªobpbôèªtfqeªArhbªRkfsbopfqvÖpª@bkqboªlkªDil_îfw^qflk)ªDlsbok^k`b)ª# @ljmbqfqfsbkbpp+

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68 17. Services (a Case Study of the United States)

Ingo Borchert and Aaditya Mattoo The World Bank

QebªRPª^``lrkqpªcloª^_lrqªlkb*cfcqeªlcªqebªpbo sf`bpªfjmloqpª^kaªbumloqpªlcªîiªLB@A `lrkqofbp+ªCloªj^kvªabsbilmfkdª`lrkqofbp)ªqebªRPªfpªqebªjlpqªfjmloq^kqªjôhbqª_v sfoqrbªlcªfqpªpfwbª^kaªlmbkkbpp8ªcloªbu^jmib)ªjlobªqe^kªeîcªlcªFkaf^Öpªpbosf`bpªbumloqp qlªqebªLB@AªdlªqlªqebªRP+ªBsbkªjlobªpfdkfcf`^kqªqe^kªqebªRPÖªpeôbªlcªqoâbªfpªqeb mltboªlcªbu^jmibªfqªpbqp+ªTebqeboªqebª`roobkqªòfpfpªfpªmolslhfkdªqebªRPªqlªo^fpbªfqp ibsbiªlcªmolqb`qflkªfp)ªqebobclob)ª^kªfpprbªlcª_lqeªpr_pq^kqfsbª^kaªpvj_lif`ªpfdkfcf * `^k`b+ Tbªcfkaªlkivªcbtªbu^jmibpªlcªbumif`fqªmolqb`qflkª^ccb`qfkdªqoâbªfkªpbo sf`bp+ªªB^è fpªlcªifjfqbaªb`lkljf`ªpfdkfcf`^k`b)ª^kaªqlªpljbªbuqbkqª`lkpqo^fkbaª_vªjriqfi^qboî loªobdflkîªqoâbªoribp+ªªEltbsbo )ªtbªîplªfabkqfcvª`boq^fkªabsbilmjbkqpªqe^qª`lria ibâªqlªjlobªpr_qibªclojpªlcªmolqb`qflkªåªklq^_iv )ªfkòb^pbaªdlsbokjbkqªltkbopefm lc)ª^kaª`lkafqflkîªcfk^k`fîªprmmloqªql)ªcfojp)ª^pªtbiiª^pªqebªdoltfkdªmlifqf`îª^ka pl`fîª^sbopflkªqlª]jlsfkdªgl_pª^_olâ+$ªªQebpbªk^p`bkqªclojpªlcªmolqb`qflkª`lria e^sbªjrèªjlobªpboflrpªb`lkljf`ªfjm^`qª_b`^rpbªqebvª^ccb`qª^ªjrèªiôdboªpeôbªlc b`lkljf`ª^`qfsfqvª^kaªôbªklqªjb^kfkdcriivªobpqo^fkbaª_vªfkqbok^qflkîªoribp+ >kªbu^jfk^qflkªlcªob`bkqªqobkapªfkªRPªpbo sf`bpªfjmloqp)ªeltbsbo)ªobsbîpªklªpfdk lcªâsbopbªmlif`vªbccb`qp+ªBsbkª^pªdllapªfjmloqpªe^sbªabìfkbaª_vª^pªjrèª^pªlkb* qefoaªpfk`bªjfa*/--5)ªfjmloqpªlcªmofs^qbªpbo sf`bpªe^sbª_bbkª^ccb`qbaªjrèªibpp) abìfkfkdª_vªlkivªlkb*pbsbkqeª%pbbªCfdrobª.)ªibcqªe^kaªm^kbi&+ªªKlq^_iv)ªpljbª_rpfkbpp pbosf`bpªe^sbª`lkqfkrbaªqlªdoltªtefibªfjmloqpªlcªqo^kpmloq)ªqo^sbiª^kaªcfk^k`fîªpbos* f`bpªe^sbªabìfkbaª_rqªqe^qªt^pªlkivªqlª_bªbumb`qbaªrkaboªqebª`roobkqª`fo`rjpq^k`bp+

Figure 1: Annual growth rates of US goods and services imports and of US employment in selected sectors U.S. Imports by Sector U.S. Employment by Sector Annual Growth Rates, Jan 2007 - Apr 2009 AnnualU.S. Gro Employmentwth Rates, Jan 2006by Sector - Apr 2009 Annual Growth Rates, Jan 2006 - Apr 2009 8 4 0 -4 -8 -12

2006m1 2007m1 2008m1 2009m1

All Private Services Non-durable Goods Construction Durable Goods Source: Borchert and Mattoo (2009), Is the Crisis Provoking Protection in Services? A Case Study of the United States, The World Bank 69 The fateful allure of protectionism: Taking stock for the G8

Qebªaljbpqf`ªpbosf`bpªpb`qloªfp)ªrkcloqrk^qbiv)ªibppªobpfifbkqª%pbbªCfdrobª.)ªofdeqªe^ka m^kbi&+ªPbosf`bpªbjmilvjbkqªe^pªklqªprccbobaªqebªmob`fmfqlrpªabìfkbpªpbbkªfkªaro^_ib dllapª^kaª`lkpqor`qflkª%lcª./ªmboª`bkqªpfk`bª>mofiª/--5&)ª_rqªfqªqllªe^pªabìfkba)ª_v ôlrkaª1ªmboª`bkq+ªªEltª`^kªtbªob`lk`fibªprpq^fkbaªdoltqeªfkªfjmloqpªlcª_rpfkbpp) molcbppflkîª^kaªqbèkf`îªpbo sf`bpª%_vª^_lrqª1ªmboª`bkq&ªtfqeªpfdkfcf`^kqªabìfkbpªfk bjmilvjbkqªfkªaljbpqf`ª_rpfkbpp,molcbppflkîªpbo sf`bpª%_vª^_lrqª3ªmboª`bkq&<ªªLkb mlppf_fifqvªfpªqe^qªcfojpªfkªfkarpqofîfwbaª`lrkqofbp)ªrkaboªfkòb^pbaªmobpprobªqlª`rq `lpqpªarofkdªqebªòfpfp)ªôbªqrokfkdªqlªlrqplro `fkd+ Tefibªdoltfkdªqoâbª^kaªabìfkfkdªbjmilvjbkqª`^kªdbkbo^qbªmobpprobªqlªmolqb`q) qebobªôbªlqeboª`lrkqbo s^fifkdªclo`bp+ªªFkarpqofîª`lrkqo vªcfojpªe^sbªjâbªiôdbªobi^ * qflkpefm*pmb`fcf`ªfksbpqjbkqpªfkªlrqplro `fkdªfkqbojbaf^qbªpbosf`bp8ªfkªqrok)ªabsbilm * fkdª`lrkqofbpªe^sbª_b`ljbªfjmloq^kqªjôhbqpªcloªfkarpqofîª`lrkqo vª_^khp)ªobq^fibop) qbib`ljjrkf`^qflkpª^kaªqo^kpmloqªmolsfabop+ªª>pª^ªobpriq)ªqebª_rpfkbppªcrk`qflkpªlc `rpqljbopª^kaªprmmifbopªlcªpbo sf`bpªôbªefdeivªfkqboqtfkba+ªª>kvªmolqb`qflkfpqª^`qflk tlriaª_bªpbic*abcb^qfkd)ª_b`^rpbªlcªfqpªafob`qª`lpqpª^kaª_b`^rpbªfqª`lriaªmolslhbªobqî* f^qlovªmolqb`qflk+ªª Kbsboqebibpp)ªfqªtlriaª_bªtolkdªqlª_bª`ljmi^`bkq+ªT bªprddbpq)ªcfopqªlcªîi)ªdob^qbo bccloqpªqlªjlkfqloªkbtªmolqb`qflkfpqª^`qflkpªfkªpbo sf`bpªåªtefèªe^sbªplªcôªiôdbiv bp`^mbaªTQLªpòrqfkvª%tfqeªqebªbu`bmqflkªlcªcfk^k`fîª_^filrqp&+ªªPb`lka)ªqebªAle^ kbdlqf^qflkpªjrpqª^fjªqlªil`h*fkªbufpqfkdªmlif`fbpªfkª^qªib^pqªqebªj^gloªqoâfkdª`lrk * qofbp8ªªqla^vªqebobªobj^fkªiôdbªd^mpª_bqtbbkª^`qrîªmlif`vª^kaªklqªgrpqªqebªRordr^v Olrkaª`ljjfqjbkqpª_rqªîplªqebª_bpqªlccbopªpr_jfqqbaªfkªqebªAle^ªkbdlqf^qflkpª%pbb Cfdrobª/&+ªQefoa)ªqebobªfpªkbbaªcloªdob^qboªafp`rppflkªlkªeltªqlªâaobppªqebªmlppf_ib eljb*jôhbqª_f^pªòb^qbaª_vªqebªtfabkfkdª_lrkaôfbpª^kaªfkòb^pfkdªfkcirbk`bªlc qebªpq^qb+

Figure 2 Global Services Trade Restrictiveness, by Sector 0 0 x 1 e d n i

0 s 8 s e n e v i t 0 c i 6 r t s e r

0 e 4 d a r t

s e 0 c i 2 v r e S 0 Financial Telecom Retailing Maritime Professional Overall Offer Improvement (Uruguay Round commitment-Doha Offer) Offer gap(Doha Offer-Actual policy) Actual Policy

Source: Gootiiz and Mattoo (2009), Services in Doha - What's on the Table?, World Bank Policy Research Working Paper No. 4903.

70 Services (a Case Study of the United States)

About the authors

Fkdlª ?loèboq fpª`lkpriq^kqªtfqeªqebªAbsbilmjbkqªObpbô èªDolrmªlcªqebªT loia ?^kh+ªªEbªe^pª_bbkªtlohfkdªlkª^ª`ljmobebkpfsbªa^q^_^pbªlcªobdri^qlo vªjb^probp ^ccb`qfkdªfkqbok^qflkîªqoâbªfkªsôflrpªpbo sf`bpªpb`qlop)ªtfqeªmôqf`riôªcl`rpªlk qbib`ljjrkf`^qflkpª^kaªqo^kpmloq^qflkªpbo sf`bp+ªªMofloªqlªglfkfkdªqebª?^khªfkª/--5) ebªe^pªtlohbaªlkªKloqe*Plrqeªqoâbªciltpª^kaªqebªbccb`qpªlcªmobcbobkqfîªjôhbq ^``bppªcloªabsbilmfkdª`lrkqofbp+ªªEbªeliapª^ªMe+A+ªfkªB`lkljf`pª^kaªCfk^k`bªcoljªqeb RkfsbopfqvªlcªPq+Dîibk)ªPtfqwboi^ka)ªtebobªebªe^pªîplªq^rdeqªabsbilmjbkqªb`lklj * f`p+

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71 CEPRHAWLEY-SMOOT COVER no spine:- 2/7/09 13:24 Page 1

3. Many governments now have little margin for manoeuvre in fiscal and monetary policy, and in the event that the recession persists, they could resort to trade and industrial policies as a stop-gap.

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