Clashing over commerce
Subtitle: a history of US trade policy
By: Douglas A. Irwin
Series: Markets and governments in economic history; Long-term factors in economic development; Markets and governments in economic history; Long-term factors in economic development
Publisher: The University of Chicago Press; University of Chicago Press
Published: 2017
Language: eng
Number of pages: 860
ISBN-13: 9780226398969
Copyright date: 2017
Subjects: Commercial policy; Tariff; Foreign trade regulation; History
Description: 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. As the Trump administration considers making major changes to US trade policy, Irwin's sweeping historical perspective helps illuminate the current debate. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. --
Notes: Includes bibliographical references (pages 775-822) and index.
Table of contents: title: Part I. Revenue; title: The struggle for Independence, 1763-1789; title: Trade policy for the new nation, 1789-1816; title: Sectional conflict and crisis, 1816-1833; title: Tariff peace and Civil War, 1833-1865; title: Part II. Restriction; title: The failure of tariff reform, 1865-1890; title: Protectionism entrenched, 1890-1912; title: Policy reversals and drift, 1912-1928; title: The Hawley-Smoot tariff and the Great Depression, 1928-1932; title: Part III. Reciprocity; title: The New Deal and reciprocal trade agreements, 1932-1943; title: Creating a multilateral trading system, 1943-1950; title: New Order and new stresses, 1950-1979; title: Trade shocks and response, 1979-1992; title: From globalization to polarization, 1992-2017.