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Faced with increased levels of international competition and
mounting budget deficits some developed, Western economies have
responded by introducing trade restrictions. This book uses a
comparative analysis of eight leading industrial nations (including
Japan, the United States, West Germany and Britain) to demonstrate
that such policies are mistaken. Alternatives to trade
restrictions, including subsidies for industries and labour-market
policy instruments are also shown to have their drawbacks, and the
book emphasises the need for countries to find and exploit policies
which fulfil their own political and social needs but which are
least injurious to their trading partners.
The last 20 years have seen a transformation in the level and
nature of international trade. Oil price shocks, world-wide
recessions and the globalization of capital markets have made the
conditions of international trading increasingly volatile. Some of
the most pressing problems for the developed economies of the West
have been caused by the impact of imports from the emergent Newly
Industrializing Countries (NICs), particularly where these have
been concentrated in established and important sectors of the
economy. The strain upon the global trading system which has been
apparent in recent years is evidenced in the growth of the "new
protectionism" - the adaptation of trade restrictions by some of
the world's leading trading nations. This book argues that these
are mistaken. Based on a comparative study of eight leading
industrial powers, including Japan, the US, West Germany and
Britain, it concludes that the policies adopted are economically
inefficient and do not fulfil the ends for which they were
designed. Instead the authors argue that countries need to try and
develop the policies which are least injurious to their trading
partners. Retaliatory protectionism is mutually da
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