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Coping with Shocks and Shifts: The Multilateral Trading System in Historical Perspective

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Author Info

  • Douglas A. Irwin

    ()
    (Dept of Economics, Dartmouth College, Hanover, USA)

  • Kevin H. O'Rourke

    ()
    (All Souls College, University of Oxford, Oxford.)

Abstract

This paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean slow-moving, long-term changes in comparative advantage or shifts in the geopolitical equilibrium that force economies to undergo disruptive and potentially painful adjustments. We conclude that most shocks (financial crises and regional wars) have had relatively little effect on the trade policy, but that shifts pose a greater challenge to the system of open, multilateral trade.

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Bibliographic Info

Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _092.

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Length: 32 pages
Date of creation: 14 Nov 2011
Date of revision:
Handle: RePEc:nuf:esohwp:_092

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Web page: http://www.nuff.ox.ac.uk/economics/

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Keywords: Trade; Multilateralism; History;

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References

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  1. O'Rourke, K, 1997. "The European Grain Invasion 1870-1913," Papers 97/02, College Dublin, Department of Political Economy-.
  2. O Rourke, Kevin H. & Williamson, Jeffrey G., 2002. "When did globalisation begin?," European Review of Economic History, Cambridge University Press, vol. 6(01), pages 23-50, April.
  3. Ronald Findlay & Kevin H. O'Rourke, 2007. "Introduction to Power and Plenty: Trade, War, and the World Economy in the Second Millennium
    [Power and Plenty: Trade, War, and the World Economy in the Second Millennium]
    ," Introductory Chapters, Princeton University Press.
  4. Ronald Findlay & Kevin H. O'Rourke, 2007. "Power and Plenty: Trade, War and the World Economy in the Second Millennium (Preface)," Trinity Economics Papers tep0107, Trinity College Dublin, Department of Economics.
  5. Markus Lampe, 2010. "Explaining Nineteenth-Century Bilateralism: Economic and Political Determinants of the Cobden-Chevalier Network," CQE Working Papers 1410, Center for Quantitative Economics (CQE), University of Muenster.
  6. Lester, Simon, 2011. "The Globalization Paradox: Democracy and the Future of the World Economy by Dani Rodrik New York: Norton, 2011," World Trade Review, Cambridge University Press, vol. 10(03), pages 409-417, July.
  7. Barry Eichengreen, 1992. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," NBER Books, National Bureau of Economic Research, Inc, number eich92-1, May.
  8. Glick, Reuven & Taylor, Alan M, 2005. "Collateral Damage: Trade Disruption and the Economic Impact of War," CEPR Discussion Papers 5209, C.E.P.R. Discussion Papers.
  9. Giovanni Maggi & Andres Rodriguez-Clare, 1998. "The Value of Trade Agreements in the Presence of Political Pressures," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 574-601, June.
  10. Lampe, Markus, 2009. "Effects of Bilateralism and the MFN Clause on International Trade: Evidence for the Cobden-Chevalier Network, 1860-1875," The Journal of Economic History, Cambridge University Press, vol. 69(04), pages 1012-1040, December.
  11. Barry Eichengreen & Douglas A. Irwin, 2009. "The Slide to Protectionism in the Great Depression: Who Succumbed and Why?," NBER Working Papers 15142, National Bureau of Economic Research, Inc.
  12. Ronald Findlay & Kevin H. O'Rourke, 2007. "Preface to Power and Plenty: Trade, War, and the World Economy in the Second Millennium
    [Power and Plenty: Trade, War, and the World Economy in the Second Millennium]
    ," Introductory Chapters, Princeton University Press.
  13. Scheve, Kenneth F. & Slaughter, Matthew J., 2001. "What determines individual trade-policy preferences?," Journal of International Economics, Elsevier, vol. 54(2), pages 267-292, August.
  14. Chad P. Bown, 2011. "The Great Recession and Import Protection : The Role of Temporary Trade Barriers," World Bank Publications, The World Bank, number 16359, October.
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Cited by:
  1. Aled Davies, 2012. "The Evolution of British Monetarism: 1968-1979," Economics Series Working Papers Number 104, University of Oxford, Department of Economics.
  2. Aled Davies, 2012. "The Evolution of British Monetarism: 1968-1979," Oxford University Economic and Social History Series _104, Economics Group, Nuffield College, University of Oxford.
  3. Eric Schneider, 2012. "Prices and Production: Agricultural Supply Response in Fourteenth-Century England," Oxford University Economic and Social History Series _097, Economics Group, Nuffield College, University of Oxford.
  4. Eric Schneider, 2012. "Real Wages and the Family: Adjusting Real Wages to Changing Demography in Pre-Modern England," Oxford University Economic and Social History Series _099, Economics Group, Nuffield College, University of Oxford.

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