Tariffs, The Terms of Trade and Domestic Prices in a Monetary Economy: A Further Analysis
The purpose of this note is to re-examine the recent Batra-Ramachandran (B-R, 1980) investigation of the effects of tariffs in a monetary economy. In particular, we show that under flexible exchange rates the Metzler condition is necessary and sufficient for avoiding the Metzler tariff paradox, as in the usual barter model, thus extending B-R's discussion. Furthermore, we show that the Metzler condition is sufficient for both a tariff-induced appreciation of the exchange rate (under flexible exchange rates) and a tariff-induced payments surplus (under fixed exchange rates). These results can be contrasted with B-R's negative contention that such effects are "indeterminate". This note thus reconciles B-R's results with those we reported elsewhere (Anderson and Takayama 1978).
The theory of tariffs in a monetary economy
Abstract A two country two commodity model of international trade in a monetary context is utilized for the re-evaluation of the classical propositions in international trade theory which are usually derived under barter. A comparison of results under alternative exchange rate regimes is given. The effects of tariffs on the balance of payments and on domestic price levels is also studied.
Fascism in Britain: A History, 1918-1985
Tracing its origins from shortly after the World War I, this book presents a portrait of fascism in the 1930s. It reassesses Mosley's career, describes the reasons for internment in 1940 and the effect it had on leading fascists, exposes the famous Britons who subscribed to fascism, reveals the ominous re-emergence of the tradition after 1945, and explains its remarkable persistence into the l980s.