During the 2008 financial crisis, trade and output shrank dramatically, similar to the Great Depression, but there was less protectionism. The absence of widespread protectionism was due to countries having more economic flexibility, increased trade specialization in specific goods, and global production chains. Rules set by the World Trade Organization discouraged protectionism. A study of seven emerging markets reveals that the main factor influencing trade policy responses was the split of production globally, showing that countries resisted protectionist measures during the crisis.