Tariffs, Quotas, and Trade: The Politics of Protectionism

By Walter Adams; Ryan C. Amacher et al. | Go to book overview

NOTES

1. John T. Cuddington and Ronald 1. McKinnon: "Free Trade versus Protectionism: A Perspective"
1
Summarizing recent reconsiderations of the classical theory by Bhagwati, Ramaswami, and Johnson, Gerald Meier( 1973:7) concludes: In terms of international welfare economics, free trade is a preferable situation to no trade; restricted trade is also preferable to no trade; free trade is preferable to restricted trade, except that an optimum tariff is preferable to free trade. . . . The only first-best argument for tariff protection is that of optimizing the terms of trade. The other arguments have noneconomic objectives, or are for suboptimal policies, or are nonarguments for protection.
2
Kindleberger( 1973:77-78) has an interesting discussion of the worldwide rise in tariffs and the League of Nations' attempt in 1927 to negotiate a tariff truce.
3
The interested reader is referred to Kindleberger( 1973) for a detailed account of the deterioration in international trade and world output.
4
A counterexample, however, is the Cobden-Chevalier Treaty of 1860 between Britain and France.
5
The GATT, as initially negotiated in 1947, included only the non-communist, developed nations. Since that time most less-developed countries have become parties to the agreement. Under Article 18 of the GATT, however, they have been permitted to retain protective tariffs and import quotas "in order to implement programmes and policies of economic development designed to raise the general standard of living of their people." The industrialized nations thus allowed unrestricted importation of LDC products without demanding reciprocal concessions. This has greatly reduced the incentive for trade liberalization in the LDCs and, it could be argued, has been partly responsible for their highly restrictive trade barriers that evolved after World War IIand have, on balance, been retained to the present day. As a result, most missed out on the world trade boom after 1947.

2. Rachel McCulloch: "Determinants and Implications of U.S. Trade Performance"
1
A smoothly functioning system of trade based upon comparative advantage will not necessarily allow the United Statesto continue its present level of production in any specific industry. Because each nation's comparative advantage shifts over time, trade along lines of comparative advantage -- i.e., trade which produces greatest overall benefits -- requires substantial internal adjustments. Typically, these include the redeployment of labor and capital between industries, a process often accompanied by lower earnings or unemployment for some factors in the declining sectors. On labor adjustment issues, see also Chapter 8( Deardorffand Stern) and Chapter 9 ( Bale).

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Tariffs, Quotas, and Trade: The Politics of Protectionism
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Contributors ix
  • Preface xi
  • I - Introduction 1
  • 1 3
  • 2 25
  • 3 55
  • 4 67
  • II - Institutions and Problems 81
  • 5 83
  • 6 95
  • 7 109
  • III - Political Dimensions 123
  • 8 125
  • 9 149
  • 10 163
  • IV - Case Studies 183
  • 11 185
  • 12 203
  • 13 221
  • 14 247
  • 15 269
  • V - Conclusion 279
  • 16 281
  • Appendices 287
  • Notes 297
  • References 307
  • About the Authors 317
  • Index 323
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