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Limitations of Voluntary Restraints

In: International Trade Policy and European Industry

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  • Marcel Marion

Abstract

The consumer electronics industry in the Benelux and the United Kingdom sought protection against Japan. Both governments pursued Voluntary Restraint Agreements (VRA). Scrutiny of the agreements shows that they failed to protect and even injured the industry involved. In the United Kingdom their effect favoured the Japanese industry, offering cheap and uncomplicated access to the European market. Imposition of a highly innovative protective measure by France, and massive dumping of video recorder imports from Japan endangering survival of a European VCR format, necessitated intervention by the European Commission. The result was a VRA, the details of which are presented below. This restraint implied discontinuation of both Sony’s Betamax and European Video 2000 formats. It took some time before European Community authorities became aware of the catastrophic effect of this VRA. The VCR case was the first signal of the decline of the European electronics industry.

Suggested Citation

  • Marcel Marion, 2014. "Limitations of Voluntary Restraints," Contributions to Economics, in: International Trade Policy and European Industry, edition 127, chapter 0, pages 5-49, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-00392-4_2
    DOI: 10.1007/978-3-319-00392-4_2
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