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Good in Protectionism

Some very hard questions are facing the international online casino gambling industry these days as the state of the global economy begins to seriously slow and there are recession talks even outside of the US. Job losses are becoming an issue in the UK as well as Europe – the job losses in the US have been a concern for more than a year now. Throughout all of this though the individual national governments all over the world are looking for a way to prevent the continuation of the recession – and unfortunately some are considering protectionism of domestic jobs as a keen way to begin to solve the global crisis within their own borders. Interestingly enough, the online casino gambling industry has been facing the protectionism issue for the past several years in many forms and frequently denounces any country that employs these principles.

But all of the current debate centers on the question of whether or not protectionism in certain areas, from industry to the online casinos, can be good for the country and perhaps is a valid way for national governments to stem the rampant job losses. There is the very obvious answer to the question that many continues to standby: the World Trade Organization has ruled that protectionism (particularly in the case of the online casino gambling industry) is against the 1994 GATS Treaty. The US though has not even flinched in its direct disregard of the WTO ruling and now that the economy is so rough, other countries may just be considering the benefit it a small degree of protectionism.

One obvious flaw though in the rationale that protectionist legislation can be a valid way to protect domestic jobs is the argument that it very obviously smites the rest of the global economy for its own sake and in the end would only serve to weaken everything from the online casino gambling industry to the important financial services sectors.