Talks for the first major accord in WTO's nineteen year history collapsed over objections raised by India, which was seeking to bolster farm projections. India's refusal to dilute its food subsidy and stocking policies threaten to derail progress on multilateral trade as envisaged under WTO (World Trade Organisation) negotiations. Or that is what the West would want the world to believe. The truth, however, is more nuanced and has to do with overwhelming nationalpriorities. "Free Trade" is a rather euphemistic term used opportunistically by developed countries which want other nations to open up markets for their products and services. Yet, economic historians know that both Britain and United States favoured protectionist policiesto foster economic growth during their own development phases. Abraham Lincoln favoured a 44 per cent tariff during the American civil war to starve the more prosperous south of industrial products and build railways in the north. And Franklin Rooseveltwould go on to blame protectionism under someone else.
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