Commercial policy intervention in intra-industry trade: A dual approach to general equilibrium analysis
The theoretical consensus supporting free trade has been challenged in the 1980s by new developments in trade theory stressing imperfect competition and/or increasing returns to scale (IRS). It has been found that the exercise of trade policy to protect an IRS industry may benefit an economy, even if this economy can not influence the prices of foreign goods. Recent work, however, mostly remains partial and model-specific.
University of Illinois - Urbana-Champaign
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University of Illinois at Urbana-Champaign