<br/>Chief Executive of the Federal Reserve Bank of New York, William Dudley has said that efforts to suppress open markets and globalisation through protectionism will not work. <br/><br/>While delivering a keynote address at a seminar titled `Benefits and Challenges from Globalisation' in Mumbai on Thursday, Mr. Dudley said trade barriers are a very expensive way to preserve jobs in less competitive or declining industries. <br/><br/>He said the need of the hour is not protectionism but stronger programmes to help displaced workers. Mr. Dudley added that putting up trade barriers to protect jobs will only result in global trade wars that will hurt the global economy more. <br/><br/>