The economics of managed trade. (A Survey of World Trade)
Economist (US), The, September, 1990 by Crook, Clive
IN THE main, the new theories broaden the old exceptions, to the point where the benefits to be gained from an interventionist trade policy might be worth the costs. The essential ingredient is the idea of imperfect competition. Many categories of trade, the argument goes, are dominated by a smallish number of big firms-big enough for each firm to have an influence on prices in the market. The classical case for free trade has its intellectual roots in the notion that firms are too small to move prices on their own. Things look different if you relax that assumption. The new trade theories fall under two main headings:
* Strategic trade policy. Imperfect competition means that firms may be able to earn economic "rents"-returns in excess of the economic costs...
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