This paper has two unique features: it deals with withdrawal from a customs union, which is a neglected aspect of international economic integration, and does so within a macroeconomic framework rather than standard general-partial equilibrium analysis. Withdrawal was in the British Labour...

In 1965, Cooper and Massell (CM), using a partial-equilibrium trade model, reached the conclusion that a policy of unilateral tariff reduction (UTR) is superior to the formation of a customs union (CU). Wonnacott and Wonnacott (WW) challenged this conclusion in 1981 by claiming to show that UTR...

In 1965, Cooper and Massell (Economic Journal 75: 742-7) showed that a policy of unilateral tariff reduction (UTR) was superior to the formation of a customs union (CU). Although their model was concerned with only static resource reallocation effects, many analysts treated the Cooper/Massell...

For a decade and a half, Cooper and Massell's (1965) conclusion that a policy of unilateral tariff reduction (UTR) is superior to the formation of a customs union (CU) remained unchallenged. However Wonnacott and Wonnacott (1981) using a more realistic model, claimed to show that UTR need not...