ROTHSCHILD, K.W. - In: Banca Nazionale del Lavoro Quarterly Review 48 (1995) 192, pp. 109-113
H.W. Arndt's argument that reciprocity clauses in tariff reductions should be abolished is founded on the assumption that perfect competitive and frictionless markets exist. In actuality, however, inefficiencies in real market economies are inevitable and this makes reciprocity clauses...