More (or Less) on Necessarily Welfare-Enhancing Free Trade Areas

Martin Richardson and Niven Winchester

No 603, Working Papers from University of Otago, Department of Economics

Abstract: This note considers the extension of the Kemp-Wan theorem on necessarily welfare-improving customs unions to free trade areas. It suggests that the value of this extension is undermined by its very rationale - the greater popularity of free trade areas over customs unions for 'political' reasons.

Keywords: Kemp-Wan; customs unions; free trade area (search for similar items in EconPapers)
JEL-codes: F13 F15 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2006-07, Revised 2006-07
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