Rana Foroohar writes in TIME:
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Tis the season to be selfish. Right after the global financial crisis exploded in 2008, many economists fretted that countries looking to hold on to their share of a shrinking pie would become more self-interested and protectionist, plunging the planet into an even sharper downturn, just as happened in the 1930s after the Great Depression. Thanks to panic-fueled crisis management by policymakers, it didn’t happen. But after three years of pain and very little economic gain, it may be happening now.
The signs are everywhere. Europeans are in the middle of a potentially calamitous debt crisis, one that threatens not only the survival of the euro zone but the idea of the European Union itself: politicians are starting to talk about rolling back visa-free travel between countries. Meanwhile, OPEC is falling apart as the Saudis and the Iranians bicker over how to control the world’s energy spigots.