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Strategic trade policy, competition, and welfare: the case of voluntary export restraints between Britain and Japan (1971–2002)

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  • James T. Walker

Abstract

I evaluate the voluntary export restraint placed on Japanese automobile exports from 1977 to 1999 by the UK. I show that the policy failed to assist the British domestic car industry. Instead, UK-based US multi-nationals and Japanese manufacturers were the primary beneficiaries, at a substantial cost to UK consumers. Whilst there are a number of caveats, the policy was on balance damaging to the UK economy in welfare terms.

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  • James T. Walker, 2015. "Strategic trade policy, competition, and welfare: the case of voluntary export restraints between Britain and Japan (1971–2002)," Oxford Economic Papers, Oxford University Press, vol. 67(3), pages 806-825.
    • Handle: RePEc:oup:oxecpp:v:67:y:2015:i:3:p:806-825.
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    File URL: http://hdl.handle.net/10.1093/oep/gpv026
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    Cited by:

    1. Mamadou Thiam & Jean-Claude Kouakou Brou & Benur Andrade Varela, 2021. "Export Restrictions and COVID-19," Post-Print hal-03578007, HAL.
    2. Chen, Fang-Yueh, 2023. "Trade warfare and sanctions in vertically related markets," Economic Modelling, Elsevier, vol. 121(C).

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