You’ve heard it before, and you’ll hear it again: China’s insistence on maintaining an undervalued currency costs American jobs. But look a little closer – as Simon Evenett and Joseph Francois have done – and you’ll see that the story is much more complicated.
In the [READ MORE...]
While the causes of the Great Depression of the 1930s—or, at least, the relative importance of the causes—remain in dispute, few economists disagree that “beggar thy neighbor” trade policies deepened the catastrophe. No college course in American history these days lacks a reference to the infamous Smoot-Hawley Act of 1930, …