Lend Us Your Markets

Small, Albert H.
March 1968
Columbia Journal of World Business;Mar/Apr68, Vol. 3 Issue 2, p67
Academic Journal
In its own special way, December 1, 1967, marked the end of an era in international trade policy. On that date, representatives of the world's twenty-one wealthiest non-Communist nations, meeting as members of the Organization for Economic Cooperation and Development, ordered the demise of the long-established most favored nation principle of setting international tariffs, and agreed to work out a system of generalized preferential tariffs which would permit the sale of manufactured and semi-manufactured goods from developing nations in the more affluent markets of the world on a competitive basis with domestic production. The effectiveness of tariff reduction in increasing trade is hard to gauge. So many effects are being felt in international markets simultaneously that the isolation of tariff reductions as a causative factor is quite difficult. Studies on the subject seem to suggest that tariff reductions have varying degrees of effectiveness depending on factors bearing on international trade and development at the time the reductions take effect. "Price elasticities" and "income elasticities" are always hard to determine as market forces.


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