How free trade changes domestic firms’ ability to innovate
Trade flows are complex. Protecting some domestic firms may have inadvertent impacts on others, write Pian Shu and Claudia Steinwender.
International trade as a percentage of global GDP more than doubled in the 35 years from 1973 to 2008; but trade activity has slowed since the onset of the Great Recession. Although economists have long argued that trade is welfare-enhancing, […]