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In 1873 free trade won its last victory in Germany with the abolition of the duty on iron. [4] Tariffs were now for raising revenue and not for protective purposes, with the German Empire therefore almost a completely free-trading state. [5] In 1850 two-thirds of Germany was employed in agriculture and this proportion declined slowly until 1870 ...
By the late 1930s, the aims of German trade policy were to use economic and political power to make the countries of Southern Europe and the Balkans dependent on Germany. The German economy would draw its raw materials from that region, and the countries in question would receive German manufactured goods in exchange. [ 98 ]
The literature analyzing the economics of free trade is rich. Economists have done extensive work on the theoretical and empirical effects of free trade. Although it creates winners and losers, the broad consensus among economists is that free trade provides a net gain for society.
The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states ...
The result was that Germany found it increasingly difficult to maintain a balance of payments. A large trade deficit seemed almost inevitable, but Hitler found this prospect unacceptable. Thus Germany, following Italy's lead, began to move away from partially free trade in the direction of economic self-sufficiency. [131]
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
1911, 1915, 1927 Principles of Economics, volume 1, Volume 2; 1915: Some Aspects of the Tariff Question [11] 1915: Inventors and Money Makers, Brown University lectures; 1920: Free Trade, the Tariff, and Reciprocity; 1927: International Trade; 1887–1935: Economic theory exam questions
He criticized Ricardian comparative advantage theory (the foundation of free trade), considering the theory's initial assumptions unrealistic, and became definitively protectionist. [ 11 ] [ 12 ] [ 13 ] He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money , published in early 1936.