Strategic trade policy, competition and welfare: the case of voluntary export restraints between Britain and Japan (1971–2002)

Strategic trade policy, competition and welfare: the case of voluntary export restraints between Britain and Japan (1971–2002)
Document type
Discussion paper
Author(s)
Walker, James
Publisher
Henley School of Management
Date of publication
1 February 2015
Series
Discussion Paper; Number IBH-2015-01
Subject(s)
Business & management history: including the development of management thought
Collection
Business and management
Material type
Reports

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This discussion paper evaluates the voluntary export restraint (VER) placed on Japanese automobile exports from 1977 to 1999 by the UK. It shows that the policy failed to assist the British domestic car industry. Instead, UK-based US multinationals and Japanese manufacturers were the primary beneficiaries, at a substantial cost to UK consumers. While there are a number of caveats, the policy was on balance damaging to the UK economy in welfare terms.

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