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The political economy of reciprocity. A comment

Author

Listed:
  • K.W. ROTHSCHILD

    (Wien)

Abstract

H.W. Arndt's argument that reciprocity clauses in tariff reductions should be abolished is founded on the assumption that perfect competitive and frictionless markets exist. In actuality, however, inefficiencies in real market economies are inevitable and this makes reciprocity clauses necessary. Under conditions of Keynesian underemployment and given the absence of international agreements for maintaining employment, reciprocity clauses become important.

Suggested Citation

  • K.W. Rothschild, 1995. "The political economy of reciprocity. A comment," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 109-113.
    • Handle: RePEc:psl:bnlaqr:1995:15
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10555/10439
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    More about this item

    Keywords

    Evaluation; reciprocity clauses; tariffs;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General

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