Reflecting the large initial distortions, trade, exchange rate, and energy reforms could generate large welfare gains for the Islamic Republic of Iran. If combined with direct income payments to all households (not just the poor), the poor would benefit enormously. The authors show that well...

The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with--and sometimes blamed for--the onset of the Great Depression, the collapse of world trade, and the global spread of...

How important to welfare and growth in developing countries are restraints on foreign providers of producer services? Limiting such services not only may limit growth but may hurt some of the very people - domestic skilled workers in such service sectors - those restraints are designed to protect

A survey of more than 50 empirical papers shows that the adjustment costs of trade liberalization are small relative to the benefits. Moreover, manufacturing employment typically increases with trade liberalization. The limited data suggests that trade liberalization reduces poverty