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Soós, Attila Károly

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hvg - Hungary | 26/03/2009

Attila Károly Soós on the discrepancy between words and deeds

Writing in the business daily Heti Világgazdaság economist Attila Károly Soós examines the discrepancy between words and deeds in the battle to overcome the current financial and economic crisis: "After the worldwide economic crisis erupted in 1929 the world war of protectionism began … with the raising of customs duties. Trading partners took measures to hinder exports - particularly US exports. The collapse of global trade was thus not simply a consequence of the crisis but became an exacerbating element. … These days there is no shortage of those who point out that protectionism is not a good answer to the current crisis, which bears a striking resemblance with the worldwide economic crisis of 1929-1933. On March 16, for instance, EU Commission President José Manuel Barroso and British Prime Minister Gordon Brown both railed against protectionism - according to Barroso it was nothing but a dead end. But ultimately these were just empty words because in practice both politicians are fostering protectionism."

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