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From great depression to great recession

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  • Vanek, Jaroslav

Abstract

This paper presents an overview of the history of thought on the factor content of trade. It emphasizes that the conditions of factor price equalization do not hold. It describes a theory of destructive trade that is at the root of the Great Recession of 2008 and 2009. Jobs outsourced to low-wage countries may have long-run effects on unemployment in countries that are abundant in capital.

Suggested Citation

  • Vanek, Jaroslav, 2011. "From great depression to great recession," International Review of Economics & Finance, Elsevier, vol. 20(2), pages 131-134, April.
    • Handle: RePEc:eee:reveco:v:20:y:2011:i:2:p:131-134
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    References listed on IDEAS

    as
    1. Wolfgang F. Stolper & Paul A. Samuelson, 1941. "Protection and Real Wages," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 9(1), pages 58-73.
    2. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(1), pages 11-32.
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