Review 2: Trade Protection in the United States, by Charles K. Rowley, Willem Thorbecke & Richard E. Wagner (1995)
Reviewed by:
Journal of Economic Literature,Vol. 34, No. 2 (June 1996)
"Examines trade policy in the United States, theoretically and empirically. Presents basic principles, discussing trade, national borders, and individual welfare; the case for free trade; the failure of economic justifications for trade protection; and the political economy of trade protectionism. Analyzes the influences that help explain the tilt between free trade and protectionism in U.S. trade policy, examining the Congress, the presidency, and the federal bureaucracy. Studies changing trade policies within the U.S. Congress over the period 1900-1988 to determine if U.S. trade policy is driven by public choice rather than public interest considerations and uses the public-choice model to help explain trade politics in the executive branch. Examines and rejects arguments used to justify fair-trade laws. Reviews preferential regional trading agreements and their implications for the liberal trading order. Assesses the political economy of GATT. Suggests specific amendments to the U.S. Constitution to protect unilateral free trade."
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