The impact of protectionism is currently a contentious policy
issue. This book evaluates the effects of protectionism on the
British interwar economy. In contrast to most studies of the period
and the conclusions of orthodox economic theory, Kitson and Solomou
show that the introduction of the General Tariff in 1932 provided a
substantial stimulus to the domestic economy - a stimulus which can
help to explain the trend improvement in British economic growth in
the 1930s. The authors show that the tariff made encouraging import
substitution and macroeconomic expansion. The empirical evidence is
examined at two levels. First, a sectoral study shows that the
newly protected sector of the 1930s saw an improvement in
performance following the introduction of the tariff. Secondly, the
large fall in manufacturing imports generated favourable effects on
macroeconomic performance by helping to reduce the import
propensity of the economy. The policy implication of this study is
that trade policies should be constructed in the context of
prevailing economic conditions and not solely with reference to
sometimes inappropriate theoretical perspectives.
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