The Great Recession of 2007–2009 originated in the United States and quickly spread throughout the economies of Canada and Europe. Soon these countries imported fewer goods produced by emerging countries and the crisis became global. International trade collapsed at a pace unseen since the Great Depression of the 1930s. As trade declined, countries increasingly faced the temptation to impose restrictions on imports so as to protect sales and jobs of domestic firms and workers. This paper examines the pressures for protectionism that have occurred during the Great Recession and its aftermath. It also examines the lessons from the escalation of protectionism during the 1930s and applies these to the current situation. Several cases of recent protectionist policies are examined to illustrate these points.

against countries that have been implicated in the development of weapons of mass destruction and the use of terrorism. These sanctions have included limitations on customary trade and/or financial relations with a target country. Are sanctions effective in discouraging the proliferation of weapons of mass destruction? This paper investigates the nature and effects of sanctions applied to North Korea, Iran and Iraq. The paper concludes that although sanctions may help slow down the development of weapons of mass destruction, it is unlikely that they will be able to prevent determined and well financed countries from becoming members of the nuclear club. In the absence of military conflict, policymakers should reinforce the effectiveness of sanctions by being ready to negotiate and offer positive incentives as a method of encouraging cooperation with target nations.