In this era of globalization, it is easy to forget that today's free market values were not always predominant. But as this history of the birth of the General Agreement on Tariffs and Trade (GATT) shows, the principles and practices underlying our current international economy once represented contested ground between U.S. policymakers, Congress, and America's closest allies. Here, Thomas Zeiler shows how the diplomatic and political considerations of the Cold War shaped American trade policy during the critical years from 1940 to 1953. Zeiler traces the debate between proponents of free trade and advocates of protectionism, showing how and why a compromise ultimately triumphed. Placing a liberal trade policy in the service of diplomacy as a means of confronting communism, American officials forged a consensus among politicians of all stripes for freer_if not free_trade that persists to this day. Constructed from inherently contradictory impulses, the system of international trade that evolved under GATT was flexible enough to promote American economic and political interests both at home and abroad, says Zeiler, and it is just such flexibility that has allowed GATT to endure.

This paper examines the various arguments that have been put forth in favor of protectionism, from both an accounting and philosophical perspective. The author concludes that arguments against free trade are based on faulty premises, illogical reasoning or incorrect facts. Part 2. This paper was published in Capital University Law Review 19(2): 301-41 (1990). Reprinted in Prace Z Zakresu Ekonomii Politycznej I Historii Mysli Ekonomicznej (Works on Political Economy and the History of Economic Thought), Akademia Ekonomiczna W Krakowie Zeszyty Naukowe Nr. 389 (Cracow Academy of Economics Scientific Book Number 389), Cracow, Poland: Cracow Academy of Economics, 1992, pp. 87-127.

This is the story of free trade in 19th century Britain, its contribution to the development of Britain's democratic culture, and the unravelling of the free trade movement in the wake of the First World War.

A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

Despite the passage of NAFTA and other recent free trade victories in the United States, former U.S. trade official Alfred Eckes warns that these developments have a dark side. Opening America's Market offers a bold critique of U.S. trade policies over the last sixty years, placing them within a historical perspective. Eckes reconsiders trade policy issues and events from Benjamin Franklin to Bill Clinton, attributing growing political unrest and economic insecurity in the 1990s to shortsighted policy decisions made in the generation after World War II. Eager to win the Cold War and promote the benefits of free trade, American officials generously opened the domestic market to imports but tolerated foreign discrimination against American goods. American consumers and corporations gained in the resulting global economy, but many low-skilled workers have become casualties. Eckes also challenges criticisms of the 'infamous' protectionist Smoot-Hawley Tariff Act of 1930, which allegedly worsened the Great Depression and provoked foreign retaliation. In trade history, he says, this episode was merely a mole hill, not a mountain.

This is primarily a textbook for graduate and upper-level undergraduate students of law. However, practising lawyers and policy-makers who are looking for an introduction to WTO law will also find it invaluable. The book covers both the institutional and substantive law of the WTO. While the treatment of the law is often quite detailed, the main aim of this textbook is to make clear the basic principles and underlying logic of WTO law and the world trading system. Each section contains questions and assignments, to allow students to assess their understanding and develop useful practical skills. At the end of each chapter there is a helpful summary, as well as an exercise on specific, true-to-life international trade problems.

The author argues that a tax on imports commensurately creates a tax on exports, and that trade imbalances reflect capital flows between countries.