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Free trade: why, when and for whom?

Author

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  • D. NAYYAR

    (Jawaharlal Nehru University)

Abstract

The free-trade argument as situated in the normative dimension of orthodox theory had an explicit prescriptive role of expressing that free trade is efficient. Moreover, the factor-price equalisation theorem as framed in the positive dimension of orthodox theory served an implicit prescriptive role stating that free trade is also equitable. As evidenced by the influence of political realities the developments in the international trading system, there has been variation in the application of the free trade doctrine across time. The evolution of economic thinking about free trade is examined. Amongst the important issues explored are the reasons for departure from free trade. The reality of the present pattern of free trade is considered in the light of the Uruguay Round agreement.

Suggested Citation

  • D. Nayyar, 1996. "Free trade: why, when and for whom?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 49(198), pages 333-350.
    • Handle: RePEc:psl:bnlqrr:1996:33
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10690/10575
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    References listed on IDEAS

    as
    1. Paul Krugman, 1986. "Strategic Trade Policy and the New International Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262610450, April.
    2. Nayyar, Deepak, 1988. "The Political Economy of International Trade in Services," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(2), pages 279-298, June.
    3. Douglas A. Irwin, 1991. "Retrospectives: Challenges to Free Trade," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 201-208, Spring.
    4. Krugman, Paul R, 1987. "Is Free Trade Passe?," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 131-144, Fall.
    5. Eichengreen, Barry, 1984. "Keynes and Protection," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 363-373, June.
    6. Bhagwati, Jagdish, 1994. "Free Trade: Old and New Challenges," Economic Journal, Royal Economic Society, vol. 104(423), pages 231-246, March.
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    Cited by:

    1. Deepak Nayyar, 2010. "China, India, Brazil and South Africa in the World Economy: Engines of Growth?," Working Papers id:3039, eSocialSciences.
    2. Deepak Nayyar, 2008. "China, India, Brazil and South Africa in the World Economy: Engines of Growth?," WIDER Working Paper Series DP2008-05, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    Keywords

    Free trade;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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