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Mercantilist Origin of United States’ Trade Protectionism

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【作者】 伍山林

【Author】 Wu Shanlin;School of Economics, Shanghai University of Finance and Economics (SUFE);

【通讯作者】 伍山林;

【机构】 School of Economics, Shanghai University of Finance and Economics (SUFE)

【摘要】 During its rise as a world power, the United States(U.S.) adopted a traditional form of mercantilism, and most US politicians followed a protectionist approach. From the end of the Civil War to the eve of World War I, the United States blazed a new trail of industrial development and implemented protective policies such as high tariffs. This historical tradition has had a profound influence on some current US politicians. After the collapse of the Bretton Woods system, the United States developed a new form of mercantilism, as manifested in the emergence of nontariff barriers instead of tariff barriers to restrict imports and protect domestic industries and employment. Although export regulations have avoided affecting the technology industry, they have led to hefty trade deficits for the United States. National interests have prevailed in U.S. decision-making and have influenced its choices to accede to or walk away from international organizations or treaties. The dollar’s hegemony has played a pivotal role in U.S. economic policymaking. These factors have led to the twin deficits in the U.S. economy, i.e. a trade deficit and a fiscal deficit. The real intention of the United States in waging a trade war against China is to maintain and even strengthen the dollar’s hegemony and the U.S.’ international predominance.

【基金】 funded by the National Social Sciences Fund (NSSF) project “Study on U.S. Mercantilist Tradition and New Forms of Mercantilism (Approval No. 17BJL021)”
  • 【DOI】10.19602/j.chinaeconomist.2019.9.04
  • 【分类号】F757.12
  • 【下载频次】35
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