Online Gambling Listens to World Bank Caution

09.07.2009, Robert Zoellick, the president of the World Bank warned South American finance officials of the possible dangers of protectionism at a Chilean conference recently.

The online gambling industry was watching the proceedings with great interest as that industry is deeply affected by the laws in European countries that are making laws that protect their state run monopolies.

Zoellick brought to the attention of those gathered in Chile that policies designed to promote domestic goods over imports resulted in the deepening and lengthening of the last Great Depression. The World Bank released a report this spring that showed a growing trend toward government lawmaking that clearly provided measures that controlled foreign competition in favour of local products.

"It seems appealing in countries to buy their own national products," Zoellick said, adding, "But that's the road to the problem that exacerbated the downturn in the 1930s and led to the Great Depression." The United States has formed a situation that definitely excludes international online operators and yet allows for state run horserace betting on the internet. The WTO has called for fines to be levied on the U.S.A. for it's infractions of the World Trade Organizations agreements. The European Commission has also called for action on the U.S. as well as non compliant European Union nations.

The Smoot-Hawley Tariff Act of 1930 implemented in the states, put high taxes in place over a large segment of imports to the USA and is thought to be a contributing factor in the making of the Great Depression of the 1930s. The global online gambling industry suffered huge losses when the prohibition took effect in the U.S.A. having some analysts believe this factor may have also contributed to the current global economic crisis. When the World Bank is making these assumptions then there may indeed be some truth in these ideas.

Über iGaming News:

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