Britain, the Commonwealth, and the European Common Market

Authors

  • B. BALASSA

DOI:

https://doi.org/10.13133/2037-3643/11656

Keywords:

Britain, terms of trade, Commonwealth, Common Market, preferential duties, arrangements, resource allocation, EEC

Abstract

The article considers the patterns of British trade with the Commonwealth and the rest of the world in order to assess the economic gains and losses Britain may derive from participation in the European Common Market. Given the amount of trade and the rate of preferential duties, it can be suggested that, under static assumptions, the loss in resource allocation due to the abolition of present preferential arrangements may offset the gain Britain would derive from entry into the EEC. In addition to gains and losses from the reallocation of resources, it is necessary to also consider possible changes in the terms of trade, which point towards a deterioration of Britain’s terms of trade upon entry into the EEC.

 

JEL: F13, F36, F33

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Published

2014-02-24

How to Cite

BALASSA, B. (2014). Britain, the Commonwealth, and the European Common Market. PSL Quarterly Review, 16(64). https://doi.org/10.13133/2037-3643/11656

Issue

Vol. 16 No. 64 (1963)

Section

Editorial

License

 
 
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