The Fallacy of Free Trade
AbstractThe purpose of this paper is to explode the myth of free trade. Productivity and real wages in the U.S. rose sharply between 1950 and 1972, but since then real earnings have been falling in spite of a continuous rise in productivity. It turns out that America was more or less a closed economy until 1972, as its trade/GNP ratio was close to 10 percent; but since then it has become an open economy. The theoretical model shows how real wages may fall in an open economy, but not in a closed economy, in spite of rising productivity. Copyright 1992 by Blackwell Publishing Ltd.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of International Economics.
Volume (Year): 1 (1992)
Issue (Month): 1 (November)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Choi, E. Kwan & Beladi, Hamid, 1998.
"Welfare Reducing Trade and Optimal Trade Policy,"
Staff General Research Papers
1287, Iowa State University, Department of Economics.
- E. Kwan Choi & Hamid Beladi, 1998. "Welfare Reducing Trade and Optimal Trade Policy," Center for Agricultural and Rural Development (CARD) Publications 98-wp196, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- E. Kwan Choi & Hamid Beladi, 1998. "Welfare Reducing Trade and Optimal Trade Policy," Food and Agricultural Policy Research Institute (FAPRI) Publications 98-wp196, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
- Oladi, Reza & Beladi, Hamid, 2009.
"Market interconnection and wages,"
Elsevier, vol. 105(1), pages 117-119, October.
- Aka, B.F., 2006. "Openness, Globalization and Economic Growth: Empirical Evidence from Cote d´Ivoire, 1969-2002," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 3(2), pages 67-86.
- Jin, Jang C., 2006. "Openness, growth, and inflation: Evidence from South Korea before the economic crisis," Journal of Asian Economics, Elsevier, vol. 17(4), pages 738-757, October.
- Qazi Hye, 2012. "Long term effect of trade openness on economic growth in case of Pakistan," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(4), pages 1137-1149, June.
- Muhammad Arshad Khan & Abdul Qayyum, 2007.
"Trade Liberalisation, Financial Development and Economic Growth,"
2007:19, Pakistan Institute of Development Economics.
- Muhammad Arshad Khan & Abdul Qayyum, 2007. "Trade Liberalisation, Financial Development and Economic Growth," Trade Working Papers 22204, East Asian Bureau of Economic Research.
- Sharma, Susan Sunila, 2010. "The relationship between energy and economic growth: Empirical evidence from 66 countries," Applied Energy, Elsevier, vol. 87(11), pages 3565-3574, November.
- Shahbaz, Muhammad, 2012.
"Does trade openness affect long run growth? Cointegration, causality and forecast error variance decomposition tests for Pakistan,"
Elsevier, vol. 29(6), pages 2325-2339.
- Muhammad, Shahbaz, 2012. "Does Trade Openness Affect Long Run Growth? Cointegration, Causality and Forecast Error Variance Decomposition Tests for Pakistan," MPRA Paper 37391, University Library of Munich, Germany, revised 10 Mar 2012.
- Muhammad Arshad Khan & Muhammad Abdul Qayyum, 2007.
"Trade, Financial and Growth Nexus in Pakistan,"
Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013),
Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 6, pages 1-24, December.
- Yochanan Shachmurove & Uriel Spiegel, 2004. "Size Does Matter: International Trade and Population Size," PIER Working Paper Archive 04-035, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Jin, Jang C., 2006. "Can openness be an engine of sustained high growth rates and inflation?: Evidence from Japan and Korea," International Review of Economics & Finance, Elsevier, vol. 15(2), pages 228-240.
- Khan, M. Arshad & Qayyum, Abdul, 2006.
"Trade Liberalization, Financial Sector Reforms and Growth,"
2655, University Library of Munich, Germany, revised 2006.
- Muhammad Arshad Khan & Abdul Qayyum, 2006. "Trade Liberalisation, Financial Sector Reforms, and Growth," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(4), pages 711-731.
- Jones, Ronald W., 1996. "International trade, real wages, and technical progress: The specific-factors model," International Review of Economics & Finance, Elsevier, vol. 5(2), pages 113-124.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.