Bonus Quotation of the Day…

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… is from page viii of Douglas Irwin’s 2012 book, Trade Policy Disaster: Lessons from the 1930s:

The worst nightmare of every trade economist is that, in the midst of an economic crisis, policymakers might be tempted to return to the autarkic, beggar-thy-neighbor protectionism of the Great Depression. Such a move, it is feared, could easily spin out of control, with countries retaliating against one another in a race to close their markets to foreign goods. Not only would this destroy trade and make the crisis even worse but, if history is any guide, it would be very difficult to reverse the policies and undo the damage.