Business executives across the globe—typically a chorus of free traders—favor barriers that would protect and foster technological advances in their own country, according to a new survey.
Quick take: The result, in a GE survey of 2,090 executives in 20 major economies, diverges from seven decades of broad business support for liberalized trade, which mainstream economists believe has powered rising prosperity and shrinking poverty.
By the numbers: In the survey, conducted for GE by Edelman Intelligence, 55% of the executives said protectionism would make their business sector more competitive. Of those who were pro-protectionism:
Sue Siegel, GE's chief innovation officer, called the sentiment "a short-term, opportunistic approach" to domestic economic policy. "Long-term health relies on open free trade," she said.
A primary division between the pro- and anti-protectionist executives was how they felt about government's role in innovation.
