The world economy is in severe recession and trade is deteriorating every day. Political pressures demand import restrictions to protect employment: this is what makes a depression great and this is what G20 countries are already flirting with.

The Group of 20 biggest economies met in London on Thursday in an attempt to kick-start the world economy, promising some US$250 billion for trade finance in the next two years. But this won't unleash the power of free trade unless G20 members themselves remove recent import tariffs, subsidies and hidden barriers.