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Mihail Manoilescu’s international trade theories in retrospect: how and when emerging economies must be protected?

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  • Nikolay Nenovsky
  • Dominique Torre

Abstract

Mihail Manoilescu was one of the main intellectual personalities of the interwar period in Romania. He was known as a politician and a central banker, but also as an economist. From the very beginning of his theoretical and practical career, or at least from the late 1920s till the end of his life, Manoilescu’s ideas and theories were marked by a clear continuity and consistency based on the theory of protectionism. His defence of protectionism is generally presented as clumsy and founded on incorrect method. This paper contributes to a testament of Manoilescu’s conclusions, the validity of which we test in two different paradigms. Section 2 presents the theory of protectionism formulated by the author. Section 3 tries to interpret Manoilescu’s views in modern terms. It presents arguments assimilating his analysis to some post-Marxist presentations of the after-war period. It also develops a Ricardian model proving that Manoilescu’s intuitions can be verified in a Ricardian context. The last section concludes.

Suggested Citation

  • Nikolay Nenovsky & Dominique Torre, 2013. "Mihail Manoilescu’s international trade theories in retrospect: how and when emerging economies must be protected?," ICER Working Papers 09-2013, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:09-2013
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    References listed on IDEAS

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    1. Ion Pohoata, 2007. "Mihail Manoilescu – Inspirational Even when He Is Not Right," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 7(7(512)), pages 3-6, July.
    2. Lampe, John R., 1975. "Varieties of Unsuccessful Industrialization: The Balkan States Before 1914," The Journal of Economic History, Cambridge University Press, vol. 35(1), pages 56-85, March.
    3. Everett E. Hagen, 1958. "An Economic Justification of Protectionism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 72(4), pages 496-514.
    4. Ivan T. Berend, 2000. "The Failure of Economic Nationalism. Central and Eastern Europe Before World War II," Revue Économique, Programme National Persée, vol. 51(2), pages 315-322.
    5. Frank D. Graham, 1923. "Some Aspects of Protection Further Considered," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 37(2), pages 199-227.
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    More about this item

    Keywords

    Mihail Manoilescu; theory of protectionism; gains from trade;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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