I think that the really scary thing is that even though we've been through this before (although the article makes the point that it was in a different form) we seem to be making the same mistakes, in this case most specifically the Buy America provisions in the stimulus. There doesn't really seem to be a point if we can't learn from our mistakes. It seems coordination is the real problem here, as it is difficult to consolidate the different political pressures of various countries, which is the problem that the EU is facing in finding a solution for this crisis.
The protectionist temptation: Lessons from the Great Depression for today, by Barry Eichengreen and Douglas Irwin, Vox EU
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