Home / Knowledge / News / 'We are repeating history of great depression' – Researcher
'We are repeating history of great depression' – Researcher
25
Feb '09
According to statistics from the Fair Trade Bureau under the Ministry of Commerce, other countries in the world initiated 93 anti-dumping investigations against China in 2008, involving an amount of US $6.2 billion, representing an increase of 81 percent and $4.6 billion in value from that over 2007.

"Trade wars would be inevitable, if trade protectionism measures cannot be resolved through normal channels", said Long Guo Qiang, a researcher from the Development Research Center of the State Council. He added by saying, "The Chinese government should study and put forth list of possible trade retaliation measures in advance".

Professor Wang Jia Xiao from the University of Washington in the United States said, "We are repeating the history of the Great Depression. The darkest memory in the history of world trade is the passing of the 'Tariff Act' by the US Congress, after the depression of 1929, by imposing high duties on imported goods”.

He added by saying, “Although 1028 economists signed a letter protesting against the bill, President Hoover still chose to sign, leading to all countries in the world coming out with their own versions of trade protectionist measures, subsequently leading to global trade shrinking by a massive 67 percent”.

The proposal of "Buy American Goods" contained in the stimulation package recently announced by President Obama is seen as a sign of another round of trade protectionism by global economists.

Fibre2fashion News Desk - China


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X