The World Trade Organization judgment Friday that the U.S. use of “Foreign Sales Corporations” was an illegal export subsidy appears to have been correct on the merits, but raises the question of whether, now that the world economy is in downturn, we will see resurgent protectionism.

He was hailed as the “greatest businessman alive,” with admiring cover-picture profiles in Time and Fortune magazines. His company, a huge diversified business built up by both acquisition and internal growth, had 44 consecutive quarters of increasing earnings, with sales increasing by 30-fold.

(Editor’s note: This is Part 2 of a column on Global Warming. Part 1 on Monday discussed the approach to take in thinking about the problem. This part discusses possible solutions.)

(This is Part 1 of a column on Global Warming, which discusses the approach to take in thinking about the problem. Part 2, which discusses possible solutions, will appear Tuesday.)

A modern economy requires a very high level of trust in order to function properly. In recent decades, a number of factors, from baby-boomer morality to the rise in corporate leverage, have lessened the trust element in the economy, both in the United States and in Europe (in Asia, there has been a modest contrary […]