Abstract
The issue of protectionism has become the main topic of discussion in both the academic and bureaucratic circles of the advanced as well as the developing market economy countries. This paper aims to critically deal with one aspect of the debate, namely, the rising protectionist sentiments in the United States. Its discussion is based on a critique of the proponents of protectionism, and humbly calls for a re-definition of the terms of reference of the debate, in accordance with the fundamental changes that have taken place in the world economy since 1945.
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