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Trade Policy Disaster: Lessons from the 1930s (Ohlin Lectures),Used
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The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis.The recent economic crisiswith the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemploymenthas been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time.Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the SmootHawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.
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- Q: What is the main topic of 'Trade Policy Disaster: Lessons from the 1930s'? A: The book examines the extreme protectionism of the 1930s and its impact on world trade, drawing parallels with contemporary economic crises.
- Q: Who is the author of the book? A: The author of 'Trade Policy Disaster' is Douglas A. Irwin.
- Q: What are the key themes discussed in the book? A: Key themes include the effects of protectionist policies, the Smoot-Hawley tariff, and lessons for avoiding future trade wars.
- Q: What type of binding does this book have? A: This book is available in hardcover binding.
- Q: How many pages does 'Trade Policy Disaster' contain? A: The book contains 216 pages.
- Q: When was 'Trade Policy Disaster' published? A: The book was published on October 21, 2011.
- Q: Is this book in new condition? A: Yes, the book is listed as being in new condition.
- Q: What category does this book belong to? A: The book is categorized under Economic History.
- Q: What unique features does this book offer? A: It is an illustrated edition, providing visual context to the historical analysis.
- Q: What can readers learn from this book? A: Readers can learn about historical trade policies, their consequences, and insights for current economic challenges.