What do machine tools, motorcycles, and mushrooms have in common? All are industries that, threatened by foreign competition, have recently applied to Washington for import protection. And American manufacturers are not alone. Industries across the globe are pressing their governments to restrict purchases from abroad as a way of saving jobs at home. The story is an old one; When times are bad, cut imports; export unemployment instead.

That times are bad is obvious. Since the first oil shock a decade ago, global economic growth has slowed to a snail's pace. Not even the erstwhile “miracle” economies of Japan and Germany have been able to escape the harsh grip of recession. In the United States, one worker in ten is out of a job. In the industrial world as a whole, 30 million people are now looking for work.