The Political Economy of Trade Policies: Origins, Effectiveness, and Limitations
Abstract
The history of trade policy is one of the longest among all forms of economic interventions of government. Different economic schools and their vanward scholars have various opinions, creating a conflict between free-trade literature and protectionism. This essay compares the different perspectives of protectionism, the incentives of government to set up protectionist policies, and an evaluation of both. It also compares the costs and benefits, effectiveness and limitations of representative economies which introduced such policies.
Key Words: Trade, globalisation, public economics, government policies, protectionism, political economy
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