The Power of Trade - Protectionism and Liberalisation over the Past 400 Years

Eszter Szabo () and Eliza Sule ()
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Eszter Szabo: Magyar Nemzeti Bank, Corvinus University of Budapest
Eliza Sule: Magyar Nemzeti Bank, John von Neumann University

Financial and Economic Review, 2025, vol. 24, issue 2, 153-167

Abstract: Foreign trade, including various tariff measures and their impact on individual economies and the global economy, has been a topic of great interest in every era, including the present. This paper reviews key tariff and trade policy measures from the past 400 years. We consider it essential to emphasise that our paper takes an economic history approach and is not intended to evaluate current or future customs measures. In recent centuries, cycles of liberalisation and protectionism have alternated in international trade. Throughout history, tariffs and other restrictions have served to protect domestic sectors from foreign competition or to acquire and strengthen economic power, while increasing state revenues has also been among the objectives. Protectionist measures were typically accompanied by price increases even in the short term, although they also stimulated domestic production growth. However, in addition to the macroeconomic effects, the international political and social consequences of trade policy instruments should also be considered.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:mnb:finrev:v:24:y:2025:i:2:p:153-167

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