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The Macroeconomics of Protectionism: The Case of Britain in the 1930s

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  • Kitson, Michael
  • Solomou, Solomos

Abstract

Protection is a controversial policy issue. Examination of the performance of the British economy in the interwar period shows that the introduction of a tariff on manufactures in 1932 had a favorable macroeconomic impact. The resulting improvement in the competitiveness of domestic industry induced a fall in import penetration and generated import substitution. This increased wages and profits in the newly-protected industries, which expanded the level of demand in the economy. While protection cannot account for all the characteristics of economic revival in the 1930s, it was a major source of recovery that has been previously underemphasized. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Kitson, Michael & Solomou, Solomos, 1989. "The Macroeconomics of Protectionism: The Case of Britain in the 1930s," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(1), pages 155-169, March.
    • Handle: RePEc:oup:cambje:v:13:y:1989:i:1:p:155-69
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