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Irwin - Clashing over commerce: a history of US trade policy

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Irwin Clashing over commerce: a history of US trade policy
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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. Irwins 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. As the Trump administration considers making major changes to US trade policy, Irwins sweeping historical perspective helps illuminate the current debate. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. --;Part I. Revenue -- The struggle for Independence, 1763-1789 -- Trade policy for the new nation, 1789-1816 -- Sectional conflict and crisis, 1816-1833 -- Tariff peace and Civil War, 1833-1865 -- Part II. Restriction -- The failure of tariff reform, 1865-1890 -- Protectionism entrenched, 1890-1912 -- Policy reversals and drift, 1912-1928 -- The Hawley-Smoot tariff and the Great Depression, 1928-1932 -- Part III. Reciprocity -- The New Deal and reciprocal trade agreements, 1932-1943 -- Creating a multilateral trading system, 1943-1950 -- New Order and new stresses, 1950-1979 -- Trade shocks and response, 1979-1992 -- From globalization to polarization, 1992-2017.

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Clashing over Commerce Markets and Governments in Economic History A series - photo 1

Clashing over Commerce

Markets and Governments in Economic History

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Clashing over Commerce
A History of US Trade Policy

Douglas A. Irwin

The University of Chicago Press

CHICAGO & LONDON

The University of Chicago Press, Chicago 60637

The University of Chicago Press, Ltd., London

2017 by The University of Chicago

All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission, except in the case of brief quotations in critical articles and reviews. For more information, contact the University of Chicago Press, 1427 E. 60th St., Chicago, IL 60637.

Published 2017

Printed in the United States of America

26 25 24 23 22 21 20 19 18 17 1 2 3 4 5

ISBN -13: 978-0-226-39896-9 (cloth)

ISBN -13: 978-0-226-39901-0 (e-book)

DOI : 10.7208/chicago/9780226399010.001.0001

Library of Congress Cataloging-in-Publication Data

Names: Irwin, Douglas A., 1962 author.

Title: Clashing over commerce : a history of US trade policy / Douglas A. Irwin.

Other titles: Markets and governments in economic history

Description: Chicago : The University of Chicago Press, 2017. | Series: Markets and governments in economic history

Identifiers: LCCN 2017021822 | ISBN 9780226398969 (cloth : alk. paper) | ISBN 9780226399010 (e-book)

Subjects: LCSH : United StatesCommercial policyHistory. | TariffUnited StatesHistory.

Classification: LCC HF 3021.179 2017 | DDC 382/.30973dc23

LC record available at https://lccn.loc.gov/2017021822

Picture 2 This paper meets the requirements of ANSI/NISO Z 39.48-1992 (Permanence of Paper).

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