ABSTRACT
A policy of trade liberalization is always difficult for reasons that are symmetric to those explaining the growth of protection: if this policy is gradual, those who are the first to lose their protection suffer a net loss. Virtually all citizens take advantage, at more or less long term, of trade liberalization. The growth of protection is not, however, inevitable. It depends, in particular, on the more or less free-trade beliefs of politicians, and therefore, ultimately, on the state of public opinion. Exchange controls enter into the category of protectionism: While one can freely sell and buy a currency within national boundaries, the exchanges of this same currency are prohibited, restricted or controlled when they involve a resident of another country. A cost-benefit calculation by politicians leads them logically to maintain - and even to strengthen - protectionist policies.
