Fear the coming era of protectionism

Modern history can be divided into periods of globalisation and protectionism, says Merryn Somerset Webb. The latter have not been the good ones.

How important is free global trade to your living standards? The answer can be easily illustrated with reference to a sandwich made by one Andy George late last year. Worried that Americans are increasingly clueless about how food is produced he set about making a single chicken and cheese sandwich from scratch on screen.

He made his own cheese, harvested his own wheat, collected honey to sweeten his bread, killed a chicken himself, evaporated sea water to get salt to pickle his homegrown cucumber and grew his own sunflower seeds for oil. The whole thing cost him six months and around $1,500 or 300 times the cost of the average sandwich.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.