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The trade policies addressed in this book have far-reaching effects on the world's increasingly interdependent economies, but until now little research has been devoted to them. This volume represents the first systematic effort to analyze specific U.S. trade policies, particularly nontariff measures. It provides a better understanding of how trade policies operate, how effective they are, and what their costs and benefits are to trading nations.
The contributors chart the history of U.S. trade policy since World War II, analyze industry-specific trade barriers, and discuss the effects of tariff preferences and export-promoting policies such as export credits and domestic international sales corporations (DISCs). The final section of essays examines the worldwide impact of import policies, pointing out subtleties in industry-specific policies and providing insight into the levels of protection in developing countries. The contributors blend state-of-the-art economics with language that is accessible to the business community, economists, and policymakers. Commentaries accompany each paper.
Introduction Robert E. Baldwin and Anne O. Krueger I. U. S. Trade Policy since World War II Introduction
1. The Changing Nature of U.S. Trade Policy since World War II Robert E. Baldwin Comment: Richard N. Cooper Comment: Alfred Reifman II. Industry-Specific Nontariff Trade Barriers Introduction
2. Voluntary Export Restraint in U.S. Autos, 1980-81: Quality, Employment, and Welfare Effects Robert C. Feenstra Comment: Ronald W. Jones Comment: Mordechai E. Kreinin
3. U.S. Antidumping Policies: The Case of Steel Barry Eichengreen and Hans van der Ven Comment: Wilfred J. Ethier Comment: Gary N. Horlick
4. The Multifiber Arrangement and Its Effect on the Profit Performance of the U.S. Textile Industry Joseph Pelzman Comment: David G. Tarr Comment: Martin Wolf III. Trade Policies to Facilitate Domestic Adjustment, Promote Developing Country Exports, and Meet Strategic Concerns Introduction
5. Costs and Benefits of Trade Adjustment Assistance C. Michael Aho and Thomas O. Bayard Comment: J. David Richardson
6. The U.S. Generalized System of Preferences and Its Impacts André Sapir and Lars Lundberg Comment: Tracy Murray
7. The U.S. Strategic Petroleum Reserve: An Analytic Framework Jonathan Eaton and Zvi Eckstein Comment: John Whalley IV. Export-Promoting Policies Introduction
8. The Domestic International Sales Corporation and Its Effects John Mutti and Harry Grubert Comment: Stephen P. Magee Comment: William R. Cline
9. The Benefits and Costs of Official Export Credit Programs Heywood Fleisig and Catharing Hill Comment: Rachel McCulloch V. Levels of Protection in the Developed Countries Introduction
10. The Effects of the Tokyo Round on the Structure of Protection Alan V. Deardorff and Robert M. Stern
11. Effects of Protection in Developed Countries on Developing Countries' Exports of Manufactures Helen Hughes and Anne O. Krueger Comment: Irving B. Kravis List of Contributors Author Index Subject Index