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Trade and Economic Growth

In: Palgrave Handbook of International Trade

Author

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  • Paul S. Segerstrom

    (Stockholm School of Economics)

Abstract

In the widely used textbook International Economics: Theory and Policy by Paul Krugman and Maurice Obstfeld (2009), a case is made for why free trade is better than protectionism. It is argued that the conventionally measured costs of deviating from free trade are large, that there are additional benefits from free trade that add to the costs of protectionist policies when there are economies of scale in production, and that any attempt to pursue sophisticated deviations from free trade is likely to be subverted by the political process. While all of these arguments are important, one of the potentially most important reasons for favouring free trade is not presented in standard textbooks like Krugman and Obstfeld: namely, that trade liberalization promotes technological change.

Suggested Citation

  • Paul S. Segerstrom, 2013. "Trade and Economic Growth," Palgrave Macmillan Books, in: Daniel Bernhofen & Rod Falvey & David Greenaway & Udo Kreickemeier (ed.), Palgrave Handbook of International Trade, chapter 19, pages 594-621, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30531-1_19
    DOI: 10.1007/978-0-230-30531-1_19
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    Cited by:

    1. Chama CHIPETA & Daniel Francois MEYER, 2018. "Trade Openness, FDI and Exchange Rate Effects on Job Creation in South Africa's Tradable Sectors," Journal of Economics and Behavioral Studies, AMH International, vol. 10(4), pages 197-212.

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