Irwin Stelzer
thinks so. At least for a long while.
there is one consequence of the upheavals in the credit markets, and now in the "real economy" that is less visible, and will be with us even after the recovery takes hold. The era of ever-free trade has ended. Any lingering hopes that free-trade advocates might have had to stem the rising tide of protectionism are gone: A worldwide financial crisis is not an environment that fosters acceptance of the view that all is for the best in a world in which capital, labor, and goods move freely across borders.
How we manage the fallout from the financial crisis will be as important as relieving the immediate panic itself. No, more so.