Welfare and Customs Unions, Issue 3476
This paper proposes that Viner's celebrated trade diversion and trade creation terminology for the customs union problem be abandoned. As the alternative is offered a welfare calculus based upon the terms-of-trade and volume-of-trade taxonomy from the theory of tariffs. The paper discusses, by application of this calculus, the two outstanding controversies in the theory of customs unions.
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1050 Massachusetts Avenue American Economic Review Angus Deaton Appleyard Berglas Bhagwati Bureau of Economic coalition formation coalition members column vector countries trading country l's trade Customs Union Issue customs union problem customs union theory Dartmouth College diversion and trade economic integration Economic Research Equilibrium Foreign Tariffs forming a customs Gehrels grand coalition Hedonic implied imports initial trade inner product International Economic Review International Trade intra-coalition Johnson joining a customs Journal of International member countries National Bureau NBER non-member countries Number numeraire Optimal Tariff outstanding controversies Preferential Trading Agreements preferential trading arrangement Raymond Ricardian Model small country terms of trade terms-of-trade and volume-of-trade terms-of-trade effect Theory of Customs Theory of Preferential theory of tariffs trade creation trade diversion Trade Diverting Customs trade pattern trade with country trading partners unilateral tariff reduction union partner Viner volume of trade volume-of-trade effects welfare expression Wonnacott and Wonnacott Wooton world prices world welfare