Gawande, Kishore; Hoekman, Bernard; Cui, Yue - In: The World Bank Economic Review 29 (2015) 1, pp. 102-128
The collapse in trade and the contraction of output that occurred during 2008–9 was comparable to, and in many countries more severe than, the Great Depression of the 1930s. However, it did not give rise to the rampant protectionism that followed the Great Crash. The idea that the rise in the...