The Impact of Trade Laws, Trade Agreements, and Recessions on the Decision to File
The outbreak of the financial crisis in 2008, together with recognition that the economy had been in recession since the fourth quarter of 2007, set off alarms among free traders. Hearing that the downturn is the most widespread and deepest since the Great Depression of the 1930s, many feared that as surely as night follows day - we could soon expect the dark specter of protectionism. Domestic firms would demand protection from foreign competition, they speculated, and we could see policy makers repeating the same mistakes that deepened the depression and ultimately contributed to the outbreak of the Second World War. But have those fears proven to be prescient or premature?
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