Warianty tytułu
Języki publikacji
Abstrakty
Objective: This paper is an attempt to examine protectionist practices, illustrated using the example of the United States, as a means of establishing equilibrium in the trade and current account balance, especially under competitive conditions in pursuit of economic and world leadership.
Research Design & Methods: The research offers conclusions based on an analysis of the literature on the effectiveness of protectionist practices in economic relationships between countries and presents the reasons for the widening trade and current account imbalances. It also describes the results of a simulation on the implementation of punitive tariffs (by both parties) achieved using numerical models.
Findings: Protectionist practices are ineffective instruments for handling trade deficits. Moreover, they undermine international trade principles, lead to conflicts between the countries, and instigate symmetric retaliatory actions.
Implications/Recommendations: Apart from the overall ineffectiveness of protectionist practices in terms of optimising the trade and current account balance, there are adverse implications which may be beneficial to certain domestic groups of stakeholders while, on the international level, protectionist practices signify an attempt to weaken the position of other competitors in pursuit of world leadership.
Contribution: The paper shows that protectionist practices pursued by countries are ineffective instruments for handling trade deficits. Their application restricts technology transfer, deflates the efficiency and effectiveness of an economy and reduces welfare. Building actual civilisational and economic supremacy requires economic development in the real economy and cannot be achieved by administrative means. (original abstract)
Research Design & Methods: The research offers conclusions based on an analysis of the literature on the effectiveness of protectionist practices in economic relationships between countries and presents the reasons for the widening trade and current account imbalances. It also describes the results of a simulation on the implementation of punitive tariffs (by both parties) achieved using numerical models.
Findings: Protectionist practices are ineffective instruments for handling trade deficits. Moreover, they undermine international trade principles, lead to conflicts between the countries, and instigate symmetric retaliatory actions.
Implications/Recommendations: Apart from the overall ineffectiveness of protectionist practices in terms of optimising the trade and current account balance, there are adverse implications which may be beneficial to certain domestic groups of stakeholders while, on the international level, protectionist practices signify an attempt to weaken the position of other competitors in pursuit of world leadership.
Contribution: The paper shows that protectionist practices pursued by countries are ineffective instruments for handling trade deficits. Their application restricts technology transfer, deflates the efficiency and effectiveness of an economy and reduces welfare. Building actual civilisational and economic supremacy requires economic development in the real economy and cannot be achieved by administrative means. (original abstract)
Słowa kluczowe
Czasopismo
Rocznik
Numer
Strony
33--50
Opis fizyczny
Twórcy
autor
- University of Rzeszów
autor
- The Polish Chamber of Certified Auditors
Bibliografia
- Abboushi, S. (2010) "Trade Protectionism: Reasons and Outcomes". Competitiveness Review: An International Business Journal 20(5): 384-394, https://doi.org/10.1108/ 10595421011080760.
- Anusz, J. (2005) "Międzynarodowe regulacje handlu światowego" in: M. K. Nowakowski (ed.) Biznes międzynarodowy. Od internacjonalizacji do globalizacji. Warszawa: Szkoła Główna Handlowa w Warszawie.
- Bowden, E. V. and Bowden, J. H. (2002) Ekonomia. Nauka zdrowego rozsądku. Warszawa: Fundacja Innowacja.
- Bremner, B. (2018) "The China-US Power Struggle Is Just Beginning". Bloomberg, 5 July.
- Crowley, M., Song, H. and Meng, N. (2017) "Protectionist Threats Jeopardise International Trade: China's Evidence from Trump's Policies". VOX CEPR Policy Portal, February 10, https://voxeu.org/article/protectionist-threats-jeopardise-international-trade (accessed: 10 August 2018).
- Davies, G. (2018) "The Economic Damage from a Trade War". Financial Times, March 19, https://www.ft.com/content/4bd6a57a-2874-11e8-11e8-b27e-cc62a39d57a0 (accessed: 20 July 2018).
- Dorman, P. (2016) "Paul Krugman on Protectionism and Trade Balances: Wonkish and Wrong". EconoSpeak, December 27, https://econospeak.blogspot.com/2016/16/12/ paul-krugman-on-protectionism-and-free-trade.html (accessed: 30 June 2017).
- Gajva, E. (2018) "Wojna w mire deneg". Rossijskaja gazeta, June 20.
- Kaempfer, W. H., Tower, E. and Willett, T. D. (2002) "Trade Protectionism" in Ch. K. Rowley, F. Schneider (eds) The Encyclopedia of Public Choice, pp. 897-903, https://Researchgate.net/publication/4810578_Trade_Protectionism.pdf (accessed: 30 June 2018).
- Kimberly, A. (2018) "The U.S. Trade Deficit and How It Hurts the Economy". The Balance, www.thebalance.com/u-s-deficit-causes-effects-trade-partners-3306276 (accessed: 4.08.2018).
- Lester, S. (2016) "Paul Krugman: Protectionism Reduces World Income, but...". Foundation for Economic Education, April 22.
- Miller, R. (2018) "Trump's Trade War Sets Bigger Booby Trap for Strong U.S. Economy". Bloomberg, June 24.
- Obstfeld, M. (2016) "Tariffs Do More Harm Than Good at Home". IMFBlog, September 8, https://blogs.imf.org/2016/09/08/tariffs (accessed: 10 August 2017).
- Penlington, R. (2017) "The Economics of Protectionism - Theory and Reality". LinkedIn, May 4, https://www.linkedin.com/pulse/economics-protectionism-theory-russ-penlington (accessed: 20 June 2018).
- Pozhidaev, E. (2018) "Pochemu «bezumnyy» Tramp razvyazyvaet torgovye vojny: stali alyumniy". EADaily, 30.06, https://eadaily.com/ru/news/2018/06/30/pochemubezumnyy- tramp-razvyazyvaet-torgovye vojny-stal-i-alyuminiy (accessed: 15 July 2018).
- Raghuram, R. (2018) "Trade War a 'Lose-Lose' Situation". The Economic Times, June 5, https:// economictimes.indiatimes.com/news/economy/policy/trade (accessed: 10 June 2018).
- Roberts, P. C. (2018) "How Long Can The Federal Reserve Stave Off the Inevitable?". Bloomberg, June 26, www. paulcraigroberts.org/2018/06/26.
- SCB (2018) "U.S. International Transactions. Quaterly U.S. Current Account and Components Balances". Survey of Current Business, The Journal of the U.S. Bureau of Economic Analysis 98(7), www.bea.gov/scb/2018/07-july/0718-quaterly-international- -transactions.htm (accessed: 15 August 2018).
- "United States Current Account to GDP" (2018) Trading Economics, https:// tradingeconomics.com/united-states-current-account-to-gpd (accessed: 25 August 2018).
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171618304
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