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Free trade at risk? An historical perspective

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  • Douglas A. Irwin

Abstract

The recent theoretical literature on strategic trade policy suggests that government intervention in international trade has the potential to be welfare-improving, thus bringing into question the traditional economic case for free trade. Economists in the nineteenth century also argued about whether theoretical justifications for tariffs compromised the case for free trade. This paper discusses two older debates somewhat related to the current focus on strategic industries and reciprocity, and concludes with an observation about how developments in economic theory affect economists' view of policy.

Suggested Citation

  • Douglas A. Irwin, 1990. "Free trade at risk? An historical perspective," International Finance Discussion Papers 391, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgif:391
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    File URL: http://www.federalreserve.gov/pubs/ifdp/1990/391/default.htm
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    File URL: http://www.federalreserve.gov/pubs/ifdp/1990/391/ifdp391.pdf
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    References listed on IDEAS

    as
    1. Corden, W. Max, 1990. "Strategic trade policy : how new? how sensible?," Policy Research Working Paper Series 396, The World Bank.
    2. Krugman, Paul R, 1987. "Is Free Trade Passe?," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 131-144, Fall.
    3. Jagdish Bhagwati, 1989. "Is free trade passé after all?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 125(1), pages 17-44, March.
    4. Irwin, Douglas A, 1988. "Welfare Effects of British Free Trade: Debate and Evidence from the 1840s," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1142-1164, December.
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