quarta-feira, 18 de março de 2009

A tentação do proteccionismo

Ainda o discurso a favor da mão-de-obra nacional e a tentação proteccionista numa reflexão sobre os efeitos grátis nos vizinhos de políticas orçamentais expansionistas:

"The protectionist temptation: Lessons from the Great Depression for
Barry Eichengreen Douglas Irwin

The problem, to the contrary, is that the country applying the stimulus
worries that benefits will spill out to its free-riding neighbours. Fiscal
stimulus is not costless – it means incurring public debt that will have to be
serviced by the children and grandchildren of the citizens of the country
initiating the policy. Insofar as more spending includes more spending on
imports, there is the temptation for that country to resort to
“Buy America”
and their foreign equivalents. The protectionist danger
is still there, in other words but, insofar as the policy response to this slump
is fiscal rather than just monetary, it is the active country, not the passive
one, that is subject to the temptation."

Alemanha, Estados Unidos, Reino Unido e França são os países onde essa tentação poderá ser maior.

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