The return of protectionism

Martin Bartenstein, Austria's Minister for Economic Affairs, has called for the establishment of a commission to protect the country against unwanted investors. Following a series of similar initiatives by European politicians, Franz Schellhorn describes this as the "spectacular comeback of the protectionists", who are trying to fend off well-endowed state investment funds from Russia and China. "The European Commission and a number of European governments want to prevent the imminent transfer of knowledge to the East. On the subject of 'golden shares': according to this concept nation states and the European Commission are to be granted special rights in companies. A single share will be enough for professional politicians to block the takeover of companies in 'sensitive' sectors. A broad majority of the nation will applaud this proposal, but they're mistaken. Under the cloak of 'protection against foreign capital' Europe's governments are well on the way to catapulting the continent back to the times of nationalisation of assets and protectionism we thought we had left behind for good."

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