This paper examines the welfare effects of international trade in a context of overlapping generations. It shows that, for a single trading country, uncompensated free trade may be Pareto inferior to autarky. However, for each government there are compensation schemes which guarantee welfare improvements for all local individuals when free trade is allowed, or when for a small open economy the terms of trade improve or the number of tradable goods increases, or when a customs union is formed.
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Article provided by Springer in its journal Economic Theory.
Volume (Year): 6 (1995) Issue (Month): 2 (July) Pages: 283-303 Download reference. The following formats are available: HTML,
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