Trade Blocs and Trade Wars during the Interwar Period. (2nd July 2019)

• Record Type: Journal Article
• Authors: Jacks, David S.; Novy, Dennis
• Is Part Of: Asian economic policy review. Volume 15:Number 1(2020:Jun.)
• Page Start: 119
• Page End: 136
• Publication Date: 2019-07-02
• Subjects: commonwealth -- distance -- gravity -- interwar period -- trade bloc -- trade wars -- F1 -- F3 -- N7; Finance -- Asia -- Periodicals; Asia -- Economic conditions -- Periodicals; Asia -- Economic policy -- Periodicals; 330.95
• DOI: 10.1111/aepr.12276
• Languages: English
• ISSNs: 1832-8105

Abstract

Abstract : What precisely were the causes and consequences of the trade wars in the 1930s? Were there perhaps deeper forces at work in reorienting global trade prior to the outbreak of World War II? And what lessons may this particular historical episode provide for the present day? To answer these questions, we distinguish between long‐run secular trends in the period from 1920 to 1939 related to the formation of trade blocs and short‐run disruptions associated with the trade wars of the 1930s. We argue that the trade wars mainly served to intensify pre‐existing efforts toward the formation of trade blocs which dated from at least 1920. More speculatively, we argue that the trade wars of the present day may serve a similar purpose as those in the 1930s, that is, the intensification of China‐ and US‐centric trade blocs.