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Rent Seeking, Protectionism and Innovation in the American Steel Industry

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Author Info

  • Lenway, Stefanie
  • Morck, Randall
  • Yeung, Bernard

Abstract

Trade protection in a declining industry can cause damages beyond those revealed in the usual trade diagram analysis. Using data on the U.S. steel firms, the authors show that trade protection in that industry rewards poor performance, reduces incentives to innovate, and frustrates the normal Schumpeterian process of creative destruction. Copyright 1996 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 106 (1996)
Issue (Month): 435 (March)
Pages: 410-21

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Handle: RePEc:ecj:econjl:v:106:y:1996:i:435:p:410-21

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Citations

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Cited by:
  1. Durling, James P. & Prusa, Thomas J., 2006. "The trade effects associated with an antidumping epidemic: The hot-rolled steel market, 1996-2001," European Journal of Political Economy, Elsevier, vol. 22(3), pages 675-695, September.
  2. Aaron Tornell, 1997. "Rational Atrophy: The US Steel Industry," NBER Working Papers 6084, National Bureau of Economic Research, Inc.
  3. Alan Bevan & Saul Estrin & Mark E. Schaffer, 1999. "Determinants of Enterprise Performance during Transition," CERT Discussion Papers 9903, Centre for Economic Reform and Transformation, Heriot Watt University.
  4. Blonigen, Bruce A. & Wilson, Wesley W., 2010. "Foreign subsidization and excess capacity," Journal of International Economics, Elsevier, vol. 80(2), pages 200-211, March.
  5. Bruce Blonigen & Benjamin Liebman & Justin Pierce & Wesley Wilson, 2010. "Are All Trade Protection Policies Created Equal? Empirical Evidence for Nonequivalent Market Power Effects of Tariffs and Quotas," Working Papers 10-27, Center for Economic Studies, U.S. Census Bureau.
  6. Seung-Hyun Lee & Kyeungrae Oh, 2007. "Corruption in Asia: Pervasiveness and arbitrariness," Asia Pacific Journal of Management, Springer, vol. 24(1), pages 97-114, March.
  7. Gabriel Sánchez, 1998. "Lobbying, innovation and protectionist cycles," Economics Working Papers 272, Department of Economics and Business, Universitat Pompeu Fabra.
  8. Randall Morck & Bernard Yeung, 2003. "Family Control and the Rent-Seeking Society," William Davidson Institute Working Papers Series 585, William Davidson Institute at the University of Michigan.
  9. Ana Rodríguez-Álvarez & Ignacio Rosal & José Baños-Pino, 2007. "The cost of strikes in the Spanish mining sector: modelling an undesirable input with a distance function," Journal of Productivity Analysis, Springer, vol. 27(1), pages 73-83, February.
  10. Benjamin H. Liebman & Kara M. Reynolds, 2009. "Innovation Through Protection: Does Safeguard Protection Increase Investment in R and D?," Working Papers 2009-18, American University, Department of Economics.
  11. Seung-Hyun Lee & Yoon-Suk Baik, 2010. "Corporate Lobbying in Antidumping Cases: Looking into the Continued Dumping and Subsidy Offset Act," Journal of Business Ethics, Springer, vol. 96(3), pages 467-478, October.
  12. Hylke Vandenbussche & Ziga Zarnic, 2008. "US Safeguards on Steel and the Markups of European Producers," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 144(3), pages 458-490, October.
  13. Bruce A. Blonigen & Benjamin H. Liebman & Wesley W. Wilson, 2007. "Trade Policy and Market Power: The Case of the US Steel Industry," NBER Working Papers 13671, National Bureau of Economic Research, Inc.
  14. Seung-Hyun Lee & Sungjin Hong, 2012. "Corruption and subsidiary profitability: US MNC subsidiaries in the Asia Pacific region," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 949-964, December.
  15. Randall Morck & David Stangeland & Bernard Yeung, 2000. "Inherited Wealth, Corporate Control, and Economic Growth The Canadian Disease?," NBER Chapters, in: Concentrated Corporate Ownership, pages 319-372 National Bureau of Economic Research, Inc.

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