ABSTRACT

Our discussion of international trade in Part Two and the history of trade policy in the previous chapter make it clear that international trade policy needs to be analyzed from a holistic and heterodox perspective. The static neoclassical analysis detailed in Chapter 8 is useful for analyzing some of the short-run costs and benefits of trade policies, but in the long run, trade policy has much broader and often very different consequences than those that are predicted by the static and narrow neoclassical models.