Strategic trade policy, competition, and welfare: the case of voluntary export restraints between Britain and Japan (1971–2002)

James Walker ()

Oxford Economic Papers, 2015, vol. 67, issue 3, 806-825

Abstract: I evaluate the voluntary export restraint placed on Japanese automobile exports from 1977 to 1999 by the UK. I show that the policy failed to assist the British domestic car industry. Instead, UK-based US multi-nationals and Japanese manufacturers were the primary beneficiaries, at a substantial cost to UK consumers. Whilst there are a number of caveats, the policy was on balance damaging to the UK economy in welfare terms.

Date: 2015
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