Abstract
In this post-financial crisis environment, as the USA and other advanced economies continue to experience sluggish growth (at best), persistently high unemployment, and political agitation for increasingly protectionist and sometimes xenophobic policies, discussions pertaining to free trade are often fraught with emotion, tension, and hysteria. Armed with an understanding of the theoretical underpinnings driving goods, capital, and ideas across national boundaries, readers will learn to foresee the effects of trade and macroeconomic policy changes, and will have the tools to make sound, informed decisions for themselves and their global organizations.
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Even during the time in which this book was written, examples were plentiful: China retaliated for US tariffs on Chinese steel with duties on US poultry products; new American duties on Chinese tires were met with new Chinese duties on American-built automobiles; Brazil threatened the USA with duties in response to American agriculture subsidies and later enacted tariffs on 100 categories of products. Both of the 2012 US candidates for president accused China of being a currency manipulator, which interestingly was the same accusation made by Brazil against the USA to justify its tariffs; currency controls were effected within the Eurozone (in Cyprus); India and the USA traded accusations of unfair subsidization in their renewable energy industries; the USA slapped tariffs on Chinese solar panels, to which the Chinese responded with levies on polysilicon, and, not to be left behind in a global boom of xenophobia, Russia banned the adoption of Russian-born babies by US citizens.
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© 2014 Springer Science+Business Media New York
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Langdana, F., Murphy, P.T. (2014). Introduction. In: International Trade and Global Macropolicy. Springer Texts in Business and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-1635-7_1
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DOI: https://doi.org/10.1007/978-1-4614-1635-7_1
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