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Description:
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The ‘new normal’ of the global economy as the environment for transformation of protectionism into neo-protectionism is explored in the article. The empiric analysis is used to demonstrate that at the current phase of development of international economic relations the arsenal of developed countries is dominated by instruments of hidden protectionism implemented mainly by
methods of internal economic policy. Developing countries are trying to exploit the potential of sectoral protectionism and implementation of the policy of economic sanctions corresponds indirectly to the idea of selective protectionism used against individual countries or individual commodities. The economic basis of hidden protectionism is related to internal taxes and duties, public procurement, requirements to use local components in manufacturing finished products. The disguised or semi-open
character of neo-protectionism does not fall under classical manifestations of protectionism, fixed in WTO documents. Neo-protectionism, being an instrument for gaining a segment of the global market
and protecting national economic interests, involves modification of economic policy instruments
towards strengthening its protective forms, and synthesizes both classical and novel forms of protectionism. This makes the term ‘new protectionism’ invalid because it has to be radically different in its meaning from the ‘classical’ one. |