An internationally acknowledged authority on all aspects of the theory of international trade and payments, this book collects Harry Johnson’s contributions to the study of international trade, including a critique of the theory of effective protection. The book discusses:
the integration of income distribution and other aspects of the economy into the positive theory of tariffs
the issues raised by the use of tariffs to promote economic development
the implications of distortions of various kinds in the working of competition for tariff theory and policy
the costs of protection
the implications of effective protection for world economic development and the economic effects of trade preferences
the question of free trade and the extent to which it requires the harmonization other aspects of economic policy.