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 of other aspects of economic policy