"Protectionism is a very real danger. It is understandable that in times of a severe downturn protectionist pressures mount but the lessons of history are clear. If we give in to protectionist pressures, we will only send the world into a downward spiral"

This quote by Manmohan Singh is a warning versus protectionism. Protectionism is a plan of securing a nation's residential industries from international competitors by imposing tariffs and other restrictions. It is reasonable that in times of financial difficulty, countries might be lured to turn to protectionism in order to safeguard their own industries. Nonetheless, the lessons of history have actually revealed that protectionism is not a practical remedy. If nations succumb to protectionist stress, it will just lead to a downward spiral of financial decrease. Protectionism will certainly result in a decline in worldwide profession, which will certainly cause a decrease in financial development and an increase in joblessness. In addition, protectionism will cause a decrease in global competitiveness, which will certainly even more weaken the international economy. Consequently, it is very important for nations to withstand the lure of protectionism and also rather focus on policies that advertise international trade and also economic growth.