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Protectionism and Economic Revival

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  • Kitson,Michael
  • Solomou,Solomos
Abstract
The impact of protectionism is currently a contentious policy issue. This book evaluates the effects of protectionism on the British interwar economy. In contrast to most studies of the period and the conclusions of orthodox economic theory, Kitson and Solomou show that the introduction of the General Tariff in 1932 provided a substantial stimulus to the domestic economy - a stimulus which can help to explain the trend improvement in British economic growth in the 1930s. The authors show that the tariff made encouraging import substitution and macroeconomic expansion. The empirical evidence is examined at two levels. First, a sectoral study shows that the newly protected sector of the 1930s saw an improvement in performance following the introduction of the tariff. Secondly, the large fall in manufacturing imports generated favourable effects on macroeconomic performance by helping to reduce the import propensity of the economy. The policy implication of this study is that trade policies should be constructed in the context of prevailing economic conditions and not solely with reference to sometimes inappropriate theoretical perspectives.

Suggested Citation

  • Kitson,Michael & Solomou,Solomos, 2008. "Protectionism and Economic Revival," Cambridge Books, Cambridge University Press, number 9780521071789, September.
    • Handle: RePEc:cup:cbooks:9780521071789
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    Cited by:

    1. Simon P. Lloyd & Solomos Solomou, 2020. "The impact of the 1932 General Tariff: a difference-in-difference approach," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 14(1), pages 41-60, January.
    2. Vellore Arthi & Markus Lampe & Ashwin Nair & Kevin Hjortshøj O’Rourke, 2024. "Deliberate Surrender? The Impact of Interwar Indian Protection," The Economic Journal, Royal Economic Society, vol. 134(657), pages 23-47.
    3. Douglas A. Irwin, 1993. "The GATT's contribution to economic recovery in post-war Western Europe," International Finance Discussion Papers 442, Board of Governors of the Federal Reserve System (U.S.).
    4. Kris James Mitchener & Kevin Hjortshøj O'Rourke & Kirsten Wandschneider, 2022. "The Smoot-Hawley Trade War," The Economic Journal, Royal Economic Society, vol. 132(647), pages 2500-2533.
    5. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.
    6. Nicholas Crafts, 2021. "What can we learn from the United Kingdom’s post‐1945 economic reforms?," Economic Affairs, Wiley Blackwell, vol. 41(3), pages 354-376, October.
    7. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CAGE Online Working Paper Series 42, Competitive Advantage in the Global Economy (CAGE).
    8. Vellore Arthi & Markus Lampe & Ashwin Nair & Kevin Hjortshøj O'Rourke, 2020. "The Impact of Interwar Protection: Evidence from India," Oxford Economic and Social History Working Papers _180, University of Oxford, Department of Economics.
    9. Broadberry, Stephen & Crafts, Nicholas, 2010. "Openness, Protectionism And Britain’S Productivity Performance Over The Long-Run," CAGE Online Working Paper Series 36, Competitive Advantage in the Global Economy (CAGE).
    10. Thilo Albers, 2017. "Currency Valuations, Retaliation and Trade Conflicts Evidence from Interwar France," Working Papers 0110, European Historical Economics Society (EHES).
    11. Albers, Thilo, 2017. "Currency valuations, retaliation and trade conflicts evidence from interwar France," Economic History Working Papers 69925, London School of Economics and Political Science, Department of Economic History.
    12. Alok Oak, 2022. "Saving Indian Villages: British Empire, the Great Depression and Gandhi’s Civil Disobedience Movement," Studies in Indian Politics, , vol. 10(2), pages 227-241, December.
    13. Kris James Mitchener Author e-mail: kmitchener@scu.edu & Kirsten Wandschneider Author e-mail: kirsten.wandschneider@univie.ac.at & Kevin Hjortshøj O’Rourke Author e-mail: akevin.orourke@nyu.edu, 2021. "The Smoot-Hawley Trade War," Working Papers 20210061, New York University Abu Dhabi, Department of Social Science, revised Mar 2021.
    14. Suckert, Lisa, 2019. "Der Brexit und die ökonomische Identität Großbritanniens: Zwischen globalem Freihandel und ökonomischem Nationalismus," MPIfG Discussion Paper 19/4, Max Planck Institute for the Study of Societies.
    15. Nicholas Crafts, 2013. "Returning to growth: lessons from the 1930s," Working Papers 13010, Economic History Society.

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