Word: protectionists
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Dates: during 1970-1979
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...world leaders' willingness at least to consult each other on policy and avoid conflicts that might weaken the global economy. The gathering might also produce a useful reaffirmation by the government heads that they will resist growing pressure in every country for import quotas and other self-defeating protectionist measures...
...present the Civil Aeronautics Board approves fares, determines routes and decides which lines will be permitted to fly where in the U.S. That system has been denounced as a breeder of inefficiency among airlines because it shelters them from aggressive competition. Ford branded the setup "protectionist." Key parts of his plan...
...steel industry has declared that it faces a "manifest crisis," demanding, so far unsuccessfully, that the Common Market permit controls on imports of steel from outside the nine-nation Community. The Canadian and Australian governments have already posted restrictions on textile imports. Last week the British automobile industry, with protectionist action clearly in mind, formally asked the European Economic Community to investigate charges that Japanese cars are being "dumped" in Britain. In the U.S., the United Automobile Workers union is trying to document a suspicion that Volkswagen Rabbits are being dumped in America...
...these rumblings indicate, protectionist sentiment is rising around the world-to no one's surprise. Demands that domestic businesses be shielded against import competition always become more strident during times of spreading unemployment. The real surprise is that despite the severity of the global recession, free traders so far have held the dikes successfully against the protectionist tide; nothing resembling the tariff wars of the 1930s has occurred. Import-limiting actions, as distinct from talk, have been few and scattered. For example, Finland now requires importers to post large bonds, and the Japanese have persuaded several trading partners...
Nations that have faced a dollar invasion from America since World War II are watching the new U.S. uneasiness with interest. Most of them have long since adopted firm, sometimes perniciously protectionist legislation. Generally their governments have near-total discretion to veto foreign investments. The Bank of England, for instance, can simply refuse an unwanted alien investor the right to obtain British currency. France requires official authorization for all investments above 1 million francs ($222,000). The only major Western nation with virtually no controls is West Germany. Even after the recent Arab purchase by Kuwaiti interests...