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Evaluating European trading arrangements

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The EU protects agriculture and manufacturing through its commercial policies, namely its tariffs, its non-tariff barriers and the Common Agricultural Policy. By leaving the EU the UK would be able to abandon the EU s protectionist system in favour of free trade combined with transitional compensation for those hit by the changes. This would raise economic welfare by around 4% (i.e. UK households would be able to consume 4% more goods and services) and enhance the shift of the UK economy away from manufacturing into service industries where UK growth has been concentrated largely in the decades since 1979. As the UK is a small country with little if any monopoly power in world markets, bilateral trade agreements have trivial effects on it.

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  • Minford, Patrick, 2015. "Evaluating European trading arrangements," Cardiff Economics Working Papers E2015/17, Cardiff University, Cardiff Business School, Economics Section.
    • Handle: RePEc:cdf:wpaper:2015/17
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    1. Costinot, Arnaud & Rodríguez-Clare, Andrés, 2014. "Trade Theory with Numbers: Quantifying the Consequences of Globalization," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 197-261, Elsevier.
    2. Scott Bradford, 2003. "Paying the Price: Final Goods Protection in OECD Countries," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 24-37, February.
    3. Scott Bradford & Robert Z. Lawrence, 2004. "Has Globalization Gone Far Enough: The Costs of Fragmented Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 349, October.
    4. Patrick Minford & Sakshi Gupta & Vo P.M. Le & Vidya Mahambare & Yongdeng Xu, 2015. "Should Britain Leave the EU?," Books, Edward Elgar Publishing, number 16679.
    5. Le, Vo Phuong Mai & Minford, Patrick & Nowell, Eric, 2009. "Economic Policy: protectionism as an elite strategy," Cardiff Economics Working Papers E2009/1, Cardiff University, Cardiff Business School, Economics Section.
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    Cited by:

    1. Nicolo' Tamberi, 2020. "Export-platform FDI and Brexit Uncertainty," Working Paper Series 0320, Department of Economics, University of Sussex Business School.

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