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Protect or Compensate?*
Published online by Cambridge University Press: 18 July 2011
Extract
The postwar drive to liberalize trade, increase competition, and thereby improve productivity within Western Europe has met with determined opposition, as have similar attempts at reducing trade barriers in the United States. This resistance has come from a variety of groups which fear that their interests will be jeopardized as a result of keener competition, and its magnitude can hardly be overestimated. Indeed, it probably constitutes the major single barrier to European economic unification. Certainly, it can no longer be passed off with lectures on the virtues of competition, mobility of the factors of production, and international division of labor.
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- Copyright © Trustees of Princeton University 1953
References
1 Quantitative restrictions (quotas, etc.).
2 I.e., not 100 per cent “hyper-employment” of the total labor force. According to one of President Truman's Economic Reports to the Congress, unemployment should not exceed 4 per cent of the labor force.