The macroeconomics of protectionism: the case of Britain in the 1930s
研究了1932年英国对制造业征收关税的宏观经济影响，发现保护主义通过提升国内产业竞争力、促进进口替代，增加了工资和利润，推动了经济复苏。
Protection is a controversial policy issue. Examination of the performance of the British economy in the interwar period shows that the introduction of a tariff on manufactures in 1932 had a favorable macroeconomic impact. The resulting improvement in the competitiveness of domestic industry induced a fall in import penetration and generated import substitution. This increased wages and profits in the newly-protected industries, which expanded the level of demand in the economy. While protection cannot account for all the characteristics of economic revival in the 1930s, it was a major source of recovery that has been previously underemphasized. Copyright 1989 by Oxford University Press.