The political economy of reciprocity. A comment

Authors

  • K.W. ROTHSCHILD

DOI:

https://doi.org/10.13133/2037-3643/10555

Keywords:

Evaluation, reciprocity clauses, tariffs

Abstract

H.W. Arndt's argument that reciprocity clauses in tariff reductions should be abolished is founded on the assumption that perfect competitive and frictionless markets exist. In actuality, however, inefficiencies in real market economies are inevitable and this makes reciprocity clauses necessary. Under conditions of Keynesian underemployment and given the absence of international agreements for maintaining employment, reciprocity clauses become important.

 

JEL Codes: F10

References

ARNDT, H.W. (1994), "The political economy of reciprocity", Banca Nazionale del Lavoro Quarterly Review, vol. 48, no. 190, pp. 259-269.

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Published

2013-10-20

How to Cite

ROTHSCHILD, K. (2013). The political economy of reciprocity. A comment. PSL Quarterly Review, 48(192). https://doi.org/10.13133/2037-3643/10555

Issue

Vol. 48 No. 192 (1995)

Section

Editorial

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