• In response to a crisis or shock, protectionism tends to arise. The global finance crisis in 2008 is an example of this. The Covid-19 pandemic is another recent example.

1. Protectionism is manifested in a country’s trade policies/measures. Describe the protectionism in terms of trade policies/measures adopted by countries for the global financial crisis in 2008 and the recent global pandemic. Is there any difference between the trade policies/measures adopted between the two crises?
2. Now focus on trade policies/measures during the recent global pandemic: Did they last long? Provide a critique of these policies/measures.

• Is globalization/GVCs the one we should blame for the insecure supply of medical goods during the pandemic? Is reshoring or localization of production the best approach to deal with a crisis like COVID-19 or similar crises?
• After three years of pandemic, Did global trade recover quickly? What factors can affect its recovery?
• What other policies should governments pursue to secure important medical goods, and to enhance the resilience of the economy in general, in response to a similar crisis?

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