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Protectionism and Economic Revival

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  • Kitson,Michael
  • Solomou,Solomos

Abstract

The impact of protectionism is currently a contentious policy issue. This book evaluates the effects of protectionism on the British interwar economy. In contrast to most studies of the period and the conclusions of orthodox economic theory, Kitson and Solomou show that the introduction of the General Tariff in 1932 provided a substantial stimulus to the domestic economy - a stimulus which can help to explain the trend improvement in British economic growth in the 1930s. The authors show that the tariff made encouraging import substitution and macroeconomic expansion. The empirical evidence is examined at two levels. First, a sectoral study shows that the newly protected sector of the 1930s saw an improvement in performance following the introduction of the tariff. Secondly, the large fall in manufacturing imports generated favourable effects on macroeconomic performance by helping to reduce the import propensity of the economy. The policy implication of this study is that trade policies should be constructed in the context of prevailing economic conditions and not solely with reference to sometimes inappropriate theoretical perspectives.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521382670 and published in 1990.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521382670
Handle: RePEc:cup:cbooks:9780521382670

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Web page: http://www.cambridge.org

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Cited by:
  1. Kevin H. O’Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Oxford University Economic and Social History Series _106, Economics Group, Nuffield College, University of Oxford.
  2. repec:cge:warwcg:42 is not listed on IDEAS
  3. Broadberry, Stephen; Crafts, Nicholas., 2010. "Openness, Protectionism And Britain’S Productivity Performance Over The Long-Run," CAGE Online Working Paper Series 36, Competitive Advantage in the Global Economy (CAGE).
  4. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CAGE Online Working Paper Series 42, Competitive Advantage in the Global Economy (CAGE).
  5. Douglas A. Irwin, 1993. "The GATT's contribution to economic recovery in post-war Western Europe," International Finance Discussion Papers 442, Board of Governors of the Federal Reserve System (U.S.).
  6. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.

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