Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/227635
Authors: 
Brezis, Elise S.
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 2020-02
Abstract: 
The views of Keynes on Trade policy are clear: Protectionism as well as hoarding a surplus in the balance of payment are wrong. This paper analyzes the optimality of protectionist policies and having a surplus in the context of the international political system. I show that in the situation of a hegemonic country, all classes - the working class as well as the elite - opt for free trade. But, in a balance of power context, wherein no single actor on the international scene possesses hegemonic status, the working class will choose protectionism, having a surplus, asking for harsh reparations, while the transnational elite and Keynes will not.
Subjects: 
Balance of Power
Carthaginian Peace
Hegemony
Reparations
National Sovereignty
Trade Policy
JEL: 
B17
B27
E12
F30
Document Type: 
Working Paper

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