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Brown Warns Against Protectionism
News Type: Event — Seeded on Tue Nov 11, 2008 6:06 PM EST
Article Source: The Washington Postadvertisement
"Prime Minister Gordon Brown on Monday warned that trade protectionism would worsen the global financial crisis, a remark widely perceived as aimed at U.S. President-elect Barack Obama.
In a speech lauding the "global power of nations working together," Brown called for "rejection of beggar-thy-neighbor protectionism that has been a feature in transforming past crises into deep recessions." "
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 | Gordon Brown calls for new world order sans protectionism | thaindian.com | Tue Nov 11 | 0 |
| Gordon Brown to warn Barack Obama over protectionism | Telegraph | Tue Nov 11 | 2 |
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{"commentId":4023241,"authorDomain":"silversnowe"}
It's an interesting warning, because Gordon Brown, like Obama, comes from the Centre-left.
However, Britain's Labour party has always been in favour of free-trade - they won their first ever election in 1923 on a free-trade platform, against the Conservatives who were protectionist (the Tories were supported by landowners who wanted foreign competition stifled so they could keep prices high), saying that free-trade lowered food prices for the poor and working class (and they were right). However, because they were a minority government, they fell after a year, the Conservatives were re-elected, and promptly restored all tariffs, and we got the strife of the Great Depression.
Hopefully with people like Volcker and Lawrence Summers on board, Obama will understand that free-trade is helps keep prices down, and that protectionism can ruin economies.
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#1 - Tue Nov 11, 2008 6:14 PM EST{"canLink":false,"threadId":"416365","isPrivate":false}
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