The impact of protectionism is currently a contentious policy
issue. This book evaluates the effects of protectionism on the
British inter-war 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
that can help to explain the trend improvement in British economic
growth in the 1930s. The authors show that the tariff made domestic
products more competitive, 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 favorable 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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