GENEVA: The sharp trade contraction during the economic crisis, closely matching the trend in the 1930s, has triggered widespread fears that the world could suffer a re-run of the destructive protectionism of that era.

Policymakers have said measures to curtail imports to save jobs at home could spark a repeat of the Great Depression, and political leaders have pledged not to restrict trade even as their governments raise tariffs and subsidies.

The ghosts of US Senator Smoot and Representative Hawley, whose 1930 Tariff Act prompted a wave of tit-for-tat trade retaliation that fuelled the tensions leading to World War II, stalk many a newspaper article and economic conference.