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Follies of Voluntary Restraints: Politics and Economics

In: International Trade Policy and European Industry

Author

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  • Marcel Marion

Abstract

Voluntary Restraint Agreements (VRAs) have both practical and theoretical peculiar properties. They have a history that is closely related with certain economic structures, in particular the Japanese system of economic groupings. This system’s origins are in the Japanese Meiji Restoration and its program of rapid national industrialisation. VRAs favour big and strong exporters and disadvantage smaller exporters, newcomers and importers. Two usual models, one on quantitative restrictions and the other VRAs, show the differences between these two different forms of trade policy measures. Economically, VRAs are beneficial to exporters and negative for the importing country. This was the case with the VCR agreement. The special case of video recorders gave the Japanese Ministry of International Trade and Industry (MITI) substantial power, which two newcomers undermined. MITI later punished these two renegades by Japan’s approval of an anti-dumping proceeding by the European Community, inter alia against them.

Suggested Citation

  • Marcel Marion, 2014. "Follies of Voluntary Restraints: Politics and Economics," Contributions to Economics, in: International Trade Policy and European Industry, edition 127, chapter 0, pages 51-64, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-00392-4_3
    DOI: 10.1007/978-3-319-00392-4_3
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