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SCOPUS 학술저널

On the Welfare Effects of a Customs Union Versus Unilateral Trade Policies Under Internal Scale Economies and Product Homogeneity

On the Welfare Effects of a Customs Union Versus Unilateral Trade Policies Under Internal Scale Economies and Product Homogeneity

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Notwithstanding some recent attempts at analyzing the impact of increasing internal returns to scale (IIRS) on CU theory, research on this issue is still at a highly rudimentary stage. The potentially important implications for CU theory of the introduction IIRS were in fact independently discussed in seminal, albeit relatively neglected papers by Max Corden [1972] and Donald Mead [1968]. This paper selectively surveys and applies the earlier papers to systematically establish conditions under which a CU could, from a single country`s perspective, potentially pareto dominate unilateral trade policies. Relaxation of some restrictive assumptions maintained by Corden [1972] and Mead [1968] allow for the consideration of a wide-ranging and rich milieu of theoretical possibilities of non-negligible practical significance. (JEL Classification: F02, F12, F15)

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