From Great Depression to Great Recession

As beggar-thy-neighbor policies contributed to the Great Depression, so did Destructive Trade contribute to, if not cause, the Great Recession. At the heart of the argument is the fact that modern policy-makers believe in free trade based on comparative advantage, neglecting the fact that with extremely wide exogenous wage differentials, free trade turns into destructive trade. Second-best type solutions must be sought.

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Year of publication:	2011
Authors:	Vanek, Jaroslav
Published in:	Review of Economics & Finance. - Better Advances Press, Canada. - Vol. 1.2011, April, 2, p. 43-48
Publisher:	Better Advances Press, Canada
Subject:	Free trade \| Destructive trade \| Comparative advantage \| Second-best \| Great recession

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Extent:	application/pdf
Type of publication:	Article
Classification:	F13 - Commercial Policy; Protection; Promotion; Trade Negotiations ; F4 - Macroeconomic Aspects of International Trade and Finance ; J6 - Mobility, Unemployment, and Vacancies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010927816