Global Macro Service > Research Briefings > Global
An encouraging lesson from the 1930s is that long-term output losses from protectionism may be lower than feared. But the period also demonstrates the march of globalisation is not a given; and that once a trade dispute starts, escalation can be a lengthy process. Spill-overs to financial and commodity markets can cause negative feedback effects, which result in large impacts on the volume and patterns of global trade.
To read the full briefing please
If you are not a subscriber, request a free trial of our Global Macro Service by filling out the form below