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The Scaled Tariff: A Mechanism for Combating Mercantilism and Producing Balanced Trade

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  • Richman, Jesse T.
  • Richman, Howard B.
  • Richman, Raymond L.

Abstract

In this paper we first discuss whether or not the modern form of mercantilism that contributes to the trade deficit of the United States and other countries is a self-destructive and thus self-correcting strategy. We argue that it is not self-correcting. Then we discuss mechanisms that a trade deficit country could utilize in order to produce balanced trade. The mechanisms differ in six respects, with the Scaled Tariff excelling in each.

Suggested Citation

  • Richman, Jesse T. & Richman, Howard B. & Richman, Raymond L., 2011. "The Scaled Tariff: A Mechanism for Combating Mercantilism and Producing Balanced Trade," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 12(2), pages 1-20.
    • Handle: RePEc:ags:ecjilt:166344
    DOI: 10.22004/ag.econ.166344
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    References listed on IDEAS

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    1. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2008. "The Buffett Plan for Reducing the Trade Deficit," Economics Working Paper Archive wp_538, Levy Economics Institute.
    2. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, May.
    3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
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