IDEAS home Printed from https://ideas.repec.org/a/ags/ecjilt/48788.html
   My bibliography  Save this article

Recession, International Trade and the Fallacies of Composition

Author

Listed:
  • Kerr, William A.

Abstract

A truly global recession has not been manifest since the Great Depression of the 1930s. As a result, the multilateral institutions put in place at the end of the Second World War to ensure that a major depression never happened again have not been tested. One of the lessons of the Great Depression was that governments had a major role to play in managing the economy. The use of subsidies to affect economic outcomes was one manifestation of this expanded role. In a recession, sector specific subsidies will likely be requested by firms. Subsidies can distort trade, leading to the potential for beggar thy neighbour subsidy wars. Subsidies will be difficult to discipline in a global recession.

Suggested Citation

  • Kerr, William A., 2009. "Recession, International Trade and the Fallacies of Composition," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 10(1), pages 1-11.
    • Handle: RePEc:ags:ecjilt:48788
    DOI: 10.22004/ag.econ.48788
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/48788/files/kerr10-1.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.48788?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Brink, Lars, 2006. "WTO Constraints on U.S. and EU Domestic Support in Agriculture: The October 2005 Proposals," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 7(1), pages 1-20.
    2. Brink, Lars, 2005. "WTO Constraints on U.S. and EU Domestic Support in Agriculture: Assessing the October 2005 Proposals," Working Papers 14601, International Agricultural Trade Research Consortium.
    3. William A. Kerr, 2006. "Dumping: Trade Policy in Need of a Theoretical Make Over," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 54(1), pages 11-31, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kerr, William A., 2012. "Strategic Devaluation, Trade and Political Convenience," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 13(1), pages 1-13, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lars Brink, 2009. "WTO Constraints on Domestic Support in Agriculture: Past and Future," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 57(1), pages 1-21, March.
    2. Kerr, William A., 2015. "Food Security, Strategic Stockholding and Trade-Distorting Subsidies: Is There a Permanent Solution?," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 16(1), pages 1-13.
    3. Martin, William J. & Anderson, Kym, 2008. "Agricultural trade reform under the Doha Agenda: some key issues," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(1), pages 1-16.
    4. Cardwell, Ryan T., 2008. "Food Aid and the WTO: Can New Rules Be Effective?," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 9(1), pages 1-20.
    5. Kerr, William A., 2007. "Too Smart for Their Own Good! Complexity, Capacity and Credence in Trade Negotiations," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 8(2), pages 1-14.
    6. Brockmeier, Martina & Pelikan, Janine, 2008. "Agricultural market access: A moving target in the WTO negotiations?," Food Policy, Elsevier, vol. 33(3), pages 250-259, June.
    7. Anania, Giovanni, 2007. "Multilateral Negotiations, Preferential Trade Agreements and the CAP. What's Ahead?," Working Papers 7283, TRADEAG - Agricultural Trade Agreements.
    8. Colin A. Carter & Caroline Gunning-Trant, 2010. "U.S. trade remedy law and agriculture: trade diversion and investigation effects," Canadian Journal of Economics, Canadian Economics Association, vol. 43(1), pages 97-126, February.
    9. Kerr, William A., 2020. "Are the Benefits of Trade No Longer Sufficient?," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 21(2), December.
    10. William A. Kerr, 2010. "Conflict, Chaos and Confusion," Books, Edward Elgar Publishing, number 14147.
    11. Kerr, William A., 2010. "Environmental Tariffs: Will They Be Captured by Protectionists?," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 11(2), pages 1-13, July.
    12. Mane, Ranjit & Wailes, Eric J., 2006. "Impacts of trade liberalization in rice: assessing alternative proposals," 2006 Annual meeting, July 23-26, Long Beach, CA 21188, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Franziska Schuenemann & William A. Kerr, 2019. "European Union non-tariff barriers to imports of African biofuels," Agrekon, Taylor & Francis Journals, vol. 58(4), pages 407-425, October.
    14. Schuenemann, Franziska & Kerr, William A., 2019. "European Union non-tariff barriers to imports of African biofuels," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 58(4), March.
    15. Mario Larch & Jeff Luckstead & Yoto V. Yotov, 2024. "Economic sanctions and agricultural trade," American Journal of Agricultural Economics, John Wiley & Sons, vol. 106(4), pages 1477-1517, August.
    16. Jean-Pierre Butault & Jean-Christophe Bureau, 2006. "WTO Contstaints and the CAP: Domestic Support in EU 25 Agriculture," The Institute for International Integration Studies Discussion Paper Series iiisdp171, IIIS.
    17. Giovanni Anania, 2007. "Multilateral trade negotiations, preferential trade agreements and European Union’s agricultural policies," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 3, July.
    18. Kerr, William A., 2017. "Seeking “Better” Trade Deals: Is There Anything Beyond Good Slogans?," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 18(1), July.
    19. James Dalton & Louis Esposito, 2011. "Standard Oil and Predatory Pricing: Myth Paralleling Fact," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 38(3), pages 245-266, May.
    20. Kerr, William A., 2023. "Becalmed: The World Trade Organization at Not Yet Thirty," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 24(2), December.

    More about this item

    Keywords

    International Relations/Trade;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:ecjilt:48788. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/esteyca.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.