What is it about?
There has been virtually no discussion of the impact of the recent reappraisals of protectionism and the relatively fixed nature of the institutions designed to handle domestic producer complaints in either structural or micro-political economy analyses of foreign trade policy. The political consensus concerning trade policy and protectionism has changed over time. During economic downturns, protectionism has traditionally played an important role in the policies of political parties and increased the importance of bilateral and regional trade agreements. This pattern is crucial to the theory and practice of contemporary international business relationships, not least those between the USA and China
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Why is it important?
The necessity for companies to organize supply chains spanning several countries has led to calls for regional agreements that cover more than preferential tariffs.
Perspectives
It is now customary to harmonize standards and rules on investment, intellectual property, and services in international trade agreements. The differences among the companies involved are also important for the future development of international trade. There may well be many companies indirectly involved in trade-related activities, but relatively few of them import or export. However, these companies are generally the largest and most productive. They also contribute to technological advancement and propagate it through their supply chains. It should be emphasized that free trade is not the major, or even the sole, determinant of economic growth. The levels of macroeconomic stability and investment are of greater significance.
Professor PhD DSc Zdzisław W. Puślecki
Uniwersytet im Adama Mickiewicza w Poznaniu
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This page is a summary of: The new protectionism between the USA and China and international trade policy amid worldwide geopolitical turbulence, Ekonomista, June 2023, Polskie Towarzystwo Ekonomiczne,
DOI: 10.52335/ekon/166624.
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