Trade Policy Disaster

Lessons from the 1930s

Business & Finance, Economics, Economic History, Nonfiction, Social & Cultural Studies, Political Science, International, International Relations
Cover of the book Trade Policy Disaster by Douglas A. Irwin, The MIT Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Douglas A. Irwin ISBN: 9780262297745
Publisher: The MIT Press Publication: October 21, 2011
Imprint: The MIT Press Language: English
Author: Douglas A. Irwin
ISBN: 9780262297745
Publisher: The MIT Press
Publication: October 21, 2011
Imprint: The MIT Press
Language: English

The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis.

The recent economic crisis—with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment—has been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time.

Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the Smoot-Hawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis.

The recent economic crisis—with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment—has been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time.

Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the Smoot-Hawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.

More books from The MIT Press

Cover of the book What a City Is For by Douglas A. Irwin
Cover of the book The Cognitive Science of Science by Douglas A. Irwin
Cover of the book Becoming Fluent by Douglas A. Irwin
Cover of the book Fighting King Coal by Douglas A. Irwin
Cover of the book Natural Resources as Capital by Douglas A. Irwin
Cover of the book Rogue Archives by Douglas A. Irwin
Cover of the book Bibliometrics and Research Evaluation by Douglas A. Irwin
Cover of the book Late-Talking Children by Douglas A. Irwin
Cover of the book The Inversion Factor by Douglas A. Irwin
Cover of the book Raised to Rage by Douglas A. Irwin
Cover of the book Building Successful Online Communities by Douglas A. Irwin
Cover of the book The Evolving Animal Orchestra by Douglas A. Irwin
Cover of the book Listening in the Field by Douglas A. Irwin
Cover of the book Hello Avatar by Douglas A. Irwin
Cover of the book Chaos and Organization in Health Care by Douglas A. Irwin
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy