Photo: Woodlouse via Flickr
Interesting trend to watch here: According to FT, India is considering a ban on all exports of iron, as it watches closely the resource thirst, and economic growth of economic “rival” China.Indian leaders see that the country has its own fast growth, and demand for resources, and thus sense a need to keep all its commodities for itself.
Some within government also favour a ban on export of coal and oil.
All around the world, there’s been move on the part of governments to limit their big commodity producers/exporters in some way.
The Chinese attempt to keep its rare earth metals for itself is well known.
Australia recently proposed a big mining tax (though it was shot down).
Russia has also been introducing resource export taxes.
Economists have been warning of protectionism for a while — actually, since time immemorial — but it may be that protectionism rears its head not in the form of limits on imports, but on limits on exports, of goods.