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Recession, International Trade and the Fallacies of Composition

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  • Kerr, William A.

Abstract

A truly global recession has not been manifest since the Great Depression of the 1930s. As a result, the multilateral institutions put in place at the end of the Second World War to ensure that a major depression never happened again have not been tested. One of the lessons of the Great Depression was that governments had a major role to play in managing the economy. The use of subsidies to affect economic outcomes was one manifestation of this expanded role. In a recession, sector specific subsidies will likely be requested by firms. Subsidies can distort trade, leading to the potential for beggar thy neighbour subsidy wars. Subsidies will be difficult to discipline in a global recession.

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Bibliographic Info

Article provided by Estey Centre for Law and Economics in International Trade in its journal Estey Centre Journal of International Law and Trade Policy.

Volume (Year): 10 (2009)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:ags:ecjilt:48788

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Related research

Keywords: beggar thy neighbour; deficits; paradox of thrift; recession; subsidies; International Relations/Trade;

References

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  1. Brink, Lars, 2006. "WTO Constraints on U.S. and EU Domestic Support in Agriculture: The October 2005 Proposals," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 7(1).
  2. William A. Kerr, 2006. "Dumping: Trade Policy in Need of a Theoretical Make Over," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 54(1), pages 11-31, 03.
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Cited by:
  1. Kerr, William A., 2012. "Strategic Devaluation, Trade and Political Convenience," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 13(1).

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