Global economic slowdown raises risk of protectionism

The rise of protectionism


“We need a new Bretton Woods,” said France’s president, Nicolas Sarkozy, in the opening speech at the World Economic Forum meeting held in Davos, Switzerland, in January. Sarkozy identified two major flaws in the global economic system: the dominance of the dollar and the tendency of emerging economies to hold down the value of their currencies.

“We cannot have a multi-polar world and a single world currency…we cannot preach free trade and at the same time tolerate monetary dumping,” he told

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