From Great Depression to Great Recession
As beggar-thy-neighbor policies contributed to the Great Depression, so did Destructive Trade contribute to, if not cause, the Great Recession. At the heart of the argument is the fact that modern policy-makers believe in free trade based on comparative advantage, neglecting the fact that with extremely wide exogenous wage differentials, free trade turns into destructive trade. Second-best type solutions must be sought.
Volume (Year): 1 (2011)
Issue (Month): (April)
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References listed on IDEAS
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- R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," Review of Economic Studies, Oxford University Press, vol. 24(1), pages 11-32.
- Leamer, E.E., 1995. "The Heckscher-Ohlin Model in Theory and Practice," Princeton Studies in International Economics 77, International Economics Section, Departement of Economics Princeton University,.
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