Abstract
The first half of the 1980s was perhaps the most turbulent period for the international economy since the Second World War. The second oil price increase in 1979–80, and the disinflationary response of most OECD governments, led to a series of major economic difficulties. World-wide recession resulted, and with it came a number of highly-publicised economic ills. These included the ‘debt crisis’ of some developing countries, the drop in primary commodity prices, ultimately including oil, and the first drop (in 1982) in the value and volume of world trade in any year since the end of the Second World War. For the United States, some of the difficulty was at first hidden as expansionary fiscal policy offset tight monetary policy. However, as most economists had forecast, that imbalance gave rise to a series of events — including strong appreciation of the dollar, a sharp rise in real interest rates in the United States and abroad, and large swings in current account balances among the developed countries — which led to further dislocations both in the United States and in other major trading nations.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Anderson, K and Hayami, Y. (1986) The Political Economy of Agricultural Protection (Australia: Allen & Unwin).
Anjaria, S. J. (1987) ‘Balance of Payments and Related Issues in the Uruguay Round of Trade Negotiations’, World Bank Economic Review, July.
Baldwin, R. E. (1970) Nontariff Distortions of International Trade (Washington, DC: Brookings Institution).
Frank, Charles R. (1977) Foreign Trade and Domestic Aid (Washington, DC: Brookings Institution).
Hennart, J. F. (1983) ‘The Political Economy of Comparative Growth Rates: The Case of France’, in Mueller, D. C. (ed.) The Political Economy of Growth (New Haven: Yale University Press).
Hughes, H. and Krueger, A. O. (1984) ‘Effects of Protection in Developed Countries on Developing Countries’ Exports of Manufactures’, in Baldwin, R. E. and Krueger, A. O. (eds) The Structure and Evolution of Recent Trade Policy (Chicago: University of Chicago Press).
Keesing, D. B. and Wolf, M. (1980) Textile Quotas against Developing Countries (London: Trade Policy Research Centre).
Kenwood, A. G. and Loughheed, A. L. (1983) The Growth of the International Economy 1820–1980 (London: Allen & Unwin).
Krueger, A. O. (1978) Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences (Cambridge, Mass.: Ballinger Press).
Krueger, A. O. (1983) ‘Protectionism, Exchange Rate Distortions and Agricultural Trading Patterns’, American Journal of Agricultural Economics, December.
Snape, R. (1987) ‘Trade in Services’, World Bank Economic Review, vol. 2, no. 1, July.
World Bank (1987) World Development Report (New York: World Bank and Oxford University Press).
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 1988 International Economic Association
About this chapter
Cite this chapter
Krueger, A.O. (1988). Prospects for Liberalising the International Trading System. In: Borner, S. (eds) International Finance and Trade in a Polycentric World. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09745-6_4
Download citation
DOI: https://doi.org/10.1007/978-1-349-09745-6_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-09747-0
Online ISBN: 978-1-349-09745-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)