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U.S. Trade Policy and the Pacific Rim, from Fordney-McCumber to the Trade Expansion Act of 1962: A Political-Economic Analysis

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  • Lei (Sandy) Ye

    (Stanford University)

Abstract

From 1922 to 1962, United States trade policies changed dramatically, marked in the beginning by the heightening of protectionism and then the mobilization toward trade liberalization. The effect of these policies on the Pacific Rim, however, has been little studied. This paper investigates the extent to which U.S. trade policies during this period impacted the Pacific Rim economies differently from the rest of the world. Empirical analysis demonstrates that U.S. trade with the Pacific Rim had consistently higher tariff barriers than U.S. trade with the rest of the world. This paper then analyzes the reasons behind this phenomenon from both a political economy and a historical perspective. On both fronts, the Pacific Rim was at a disadvantage, and its higher barrier to trade with the U.S. was by no means historically accidental.

Suggested Citation

  • Lei (Sandy) Ye, 2007. "U.S. Trade Policy and the Pacific Rim, from Fordney-McCumber to the Trade Expansion Act of 1962: A Political-Economic Analysis," Discussion Papers 07-001, Stanford Institute for Economic Policy Research.
  • Handle: RePEc:sip:dpaper:07-001
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    References listed on IDEAS

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    1. Hayford, Marc & Pasurka, Carl Jr., 1992. "The political economy of the Fordney-McCumber and Smoot-Hawley tariff acts," Explorations in Economic History, Elsevier, vol. 29(1), pages 30-50, January.
    2. Jeffrey Frankel & Miles Kahler, 1993. "Regionalism and Rivalry: Japan and the United States in Pacific Asia," NBER Books, National Bureau of Economic Research, Inc, number fran93-1, October.
    3. Irwin, Douglas A. & Kroszner, Randall S., 1996. "Log-rolling and economic interests in the passage of the Smoot-Hawley tariff," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 45(1), pages 173-200, December.
    4. Callahan, Colleen M. & McDonald, Judith A. & O'Brien, Anthony Patrick, 1994. "Who Voted For Smoot-Hawley?," The Journal of Economic History, Cambridge University Press, vol. 54(03), pages 683-690, September.
    5. Robert W. Staiger & Kyle Bagwell, 1999. "An Economic Theory of GATT," American Economic Review, American Economic Association, vol. 89(1), pages 215-248, March.
    6. Jeffrey A. Frankel & Miles Kahler, 1993. "Introduction to "Regionalism and Rivalry: Japan and the United States in Pacific Asia"," NBER Chapters, in: Regionalism and Rivalry: Japan and the United States in Pacific Asia, pages 1-18, National Bureau of Economic Research, Inc.
    7. Robert Archibald & David Feldman & Marc Hayford & Carl Pasurka, 2000. "Effective rates of protection and the Fordney-McCumber and Smoot-Hawley Tariff Acts: comment and revised estimates," Applied Economics, Taylor & Francis Journals, vol. 32(9), pages 1223-1226.
    8. Douglas A. Irwin & Randall S. Kroszner, 1997. "Interests, Institutions, and Ideology in the Republican Conversion to Trade Liberalization, 1934-1945," University of Chicago - George G. Stigler Center for Study of Economy and State 137, Chicago - Center for Study of Economy and State.
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    More about this item

    Keywords

    world trade; pacific rim; protectionism; liberalization;

    JEL classification:

    • F19 - International Economics - - Trade - - - Other

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