Contents -- Preface -- Chapter 1. The Great Depression and the Rise of Protectionism -- The Gold Standard and the Great Depression -- Moving toward Protectionism: The Smoot- Hawley Tariff -- Things Fall Apart-1931 -- Trade Policy Reaction -- The Open Economy Trilemma -- Conclusion -- Chapter 2....

"This paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean...