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- W2800131453 abstract "The call for protectionist trade policies is tempered by the experiences of the Great Depression. In 1930, Congress passed the Smoot–Hawley tariffs, the largest tax increase on traded products in the history of the United States. The trade balance, which at the time had been deteriorating during the prior 10 years of rapid growth, improved. But the nation and the rest of the world were impoverished. That experience, more than any other, stands in the way of wholesale effort to limit foreign trade. This may go a long way to explain why many economists agree that, in the extreme, trade restrictions are self-defeating, impoverishing foreign countries and US citizens alike. The policy issue this centers on whether judiciously applied protectionist measures can contribute to domestic stability and growth. The investment issue is the magnitude of movement inequity values associated with the imposition of such trade restrictions. In spite of the devastating legacy of the Smoot–Hawley Tariffs, creeping protectionism has become a reality, not only in the United States but also among most of the industrial countries. “Judicious” use of across-the-board trade restrictions is frequently proposed as a way of narrowing the trade deficit and saving jobs. Whether or not protectionist policies actually enhance the performance of the economy or selected industries is an empirical question." @default.
- W2800131453 created "2018-05-17" @default.
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- W2800131453 date "2018-01-01" @default.
- W2800131453 modified "2023-09-26" @default.
- W2800131453 title "Protectionism and Trade Policy" @default.
- W2800131453 doi "https://doi.org/10.1016/b978-0-12-813993-6.00022-2" @default.
- W2800131453 hasPublicationYear "2018" @default.
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