Trade And Transitions

After reviewing the costs, results and frequent failures of the devices several industrial countries have used to cope with increased imports, three professors from the University of Toronto make a series of sensible recommendations for national and international measures that would improve matters. They take account of politics and different concepts of justice as well as of efficiency. Their distinction between measures intended to let workers and companies leave industries or stay in them is useful, but it would have been interesting to hear more about the problems of reducing the size of industries while making them more competitive. There is a lengthy bibliography.