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A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

How did the rich countries really become rich? In this provocative study, Ha-Joon Chang examines the great pressure on developing countries from the developed world to adopt certain 'good policies' and 'good institutions', seen today as necessary for economic development. His conclusions are compelling and disturbing: that developed countries are attempting to 'kick away the ladder' with which they have climbed to the top, thereby preventing developing countries from adopting policies and institutions that they themselves have used.

In this paper we demonstrate the importance of distinguishing capital goods tariffs from other tariffs. Using exposure to a quasi-natural experiment induced by a trade reform in Colombia, we find that firms that have been more exposed to a reduction in intermediate and consumption input or output tariffs do not significantly increase their investment rates. However, firms’ investment rate increase strongly in response to a reduction in capital goods input tariffs. Firms do not substitute capital with labor, but instead also increase employment, especially for production workers. Reduction in other tariff rates do not increase investment and employment. Our results suggest that a reduction in the relative price of capital goods can significantly boost investment and employment and does not seem to lead to a decline in the labor share.

Step into the realm of political philosophy and societal transformation with Woodrow Wilson's "The New Freedom: A Call for the Emancipation of the Generous Energies of a People." Prepare to embark on an inspiring journey towards social and economic progress as Wilson articulates a bold vision for a more just and equitable society. Join Wilson as he champions the cause of individual liberty and collective empowerment, urging citizens to unleash their boundless potential in pursuit of a brighter future. Through stirring rhetoric and impassioned advocacy, he calls for a fundamental reimagining of the relationship between government and the governed. Explore the themes and motifs that resonate throughout Wilson's call to action, from the importance of economic opportunity to the need for social justice and political reform. His vision of the "new freedom" envisions a society where every individual has the chance to fulfill their dreams and contribute to the common good. Embark on a profound character analysis as Wilson examines the qualities and virtues that define a free and democratic society. From the resilience of the common people to the integrity of visionary leaders, he offers insights into the essential ingredients for building a more inclusive and equitable world. The overall tone of "The New Freedom" is one of hope and optimism, as Wilson inspires readers to embrace the possibilities of collective action and social change. His message resonates with timeless ideals of liberty, equality, and opportunity, offering a roadmap for realizing the full potential of a democratic society. Since its publication, Wilson's manifesto has inspired generations of activists, reformers, and policymakers to strive for a more just and equitable world. His ideas continue to shape political discourse and influence public policy, offering a guiding light for those who seek to build a better future. As you immerse yourself in Wilson's vision of the "new freedom," you'll be inspired by his passionate advocacy for social justice and economic opportunity. His words challenge us to think critically about the values that define our society and to work tirelessly to realize the promise of democracy for all. Don't miss your chance to join Woodrow Wilson in his call for the emancipation of the generous energies of a people. Let "The New Freedom" inspire you to imagine a world where liberty, justice, and opportunity are within reach of every citizen. Grab your copy now and join the movement for social and economic progress.

In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.