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In the wake of the Great Recession of 2008-09, economists feared
that protectionist policies might sweep the world economy, echoing
the wave of tariff escalations during the Great Depression of the
1930s. To some surprise, officials were more restrained and largely
avoided traditional forms of protection (tariffs and quotas). As a
result, economists underestimated the incidence of new
protectionism because policymakers increasingly turned to more
opaque behind-the-border nontariff barriers (NTBs). Using a
combination of statistical analysis and case studies, the authors
show that local content requirements (LCRs), a form of NTB, have
become increasingly popular. How much was global trade actually
reduced on account of LCRs? A conservative estimate might be $93
billion. Case studies featured cover the healthcare sector in
Brazil, wind turbines in Canada, the automobile industry in China,
solar cells and modules in India, oil and gas in Nigeria, and "Buy
American" restrictions on government procurement.
Will the Obama administration's decision to normalize relations
with Cuba usher in a new era of economic cooperation, trade, and
investment between the two countries? This prescient book,
published only eight months before President Obama's historic
announcement at the end of 2014, provides answers to that question
and offers a roadmap for a sequenced lifting of the Cold War era
economic sanctions against Cuba. Gary Clyde Hufbauer and Barbara
Kotschwar lay out the difficulties of achieving a dynamic economic
relationship. They caution that a unilateral dismantling of US
sanctions without insuring that proper institutions are in place in
Cuba could squander this golden opportunity for US companies and
hurt Cubans. They argue that US policies should encourage Cuba to
liberalize its economy and adopt democratic institutions, so that
it does not transition from a Communist dictatorship to a corrupt
and authoritarian oligarchy. This farsighted book, produced in
anticipation of an opening with Cuba that seemed impossible to some
skeptics, is a must-read for anyone interested in the evolution of
a historically contentious relationship that promises to evolve
productively if the right policies are pursued.
The Trans-Pacific Partnership (TPP) between 12 Pacific Rim
countries has generated the most intensive political debate about
the role of trade in the United States in a generation. The TPP is
one of the broadest and most progressive free trade agreements
since the North American Free Trade Agreement (NAFTA). The essays
in this Policy Analysis provide estimates of the TPP's benefits and
costs and analyze more than 20 issues in the agreement, including
environmental and labor standards, tariff schedules, investment and
competition policy, intellectual property, ecommerce, services and
financial services, government procurement, dispute settlement, and
agriculture. Through extensive analysis of the TPP text, PIIE
scholars present an indispensable and detailed "reader's guide"
that also sheds light on the agreement's merits and shortcomings.
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