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Politics and economics of trade wars

Author

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  • Afontsev, S.

    (Institute of World Economy and International Relations, Moscow, Russia)

Abstract

In recent years, the global economy has faced sharp increases in trade barriers and find itself at the edge of the outbreak of trade wars. Risks associated with the escalation of trade barriers, however, seem to be not fully realized. In fact, they are likely to be much more serious than most experts tend to believe. And this has to do with the diversity of reasons inviting economic agents and political decision makers to support protectionist policies. The article addresses factors responsible for the rise in protectionist attitudes, their possible consequences for the global economy as well as key challenges they pose for the trade policy of the Russian Federation.

Suggested Citation

  • Afontsev, S., 2020. "Politics and economics of trade wars," Journal of the New Economic Association, New Economic Association, vol. 45(1), pages 193-198.
    • Handle: RePEc:nea:journl:y:2020:i:45:p:193-198
    DOI: 10.31737/2221-2264-2020-45-1-9
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    References listed on IDEAS

    as
    1. Grossman, Gene M & Helpman, Elhanan, 1995. "Trade Wars and Trade Talks," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 675-708, August.
    2. Ralph Ossa, 2014. "Trade Wars and Trade Talks with Data," American Economic Review, American Economic Association, vol. 104(12), pages 4104-4146, December.
    3. Gould, David M. & Woodbridge, Graeme L., 1998. "The political economy of retaliation, liberalization and trade wars," European Journal of Political Economy, Elsevier, vol. 14(1), pages 115-137, February.
    4. Bekkers, Eddy & Teh, Robert, 2019. "Potential economic effects of a global trade conflict: Projecting the medium-run effects with the WTO global trade model," WTO Staff Working Papers ERSD-2019-04, World Trade Organization (WTO), Economic Research and Statistics Division.
    5. Kaempfer, William H. & Lowenberg, Anton D., 2007. "The Political Economy of Economic Sanctions," Handbook of Defense Economics, in: Keith Hartley & Todd Sandler (ed.), Handbook of Defense Economics, edition 1, volume 2, chapter 27, pages 867-911, Elsevier.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    protectionism; trade wars; economic sanctions; political economy of trade policy; The New Green Deal; populism; political pragmatism;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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