Chapter

The Mainstream from Viner to the JCM Proposition

Richard Pomfret

in The Economics of Regional Trading Arrangements

Published in print November 2001 | ISBN: 9780199248872
Published online November 2003 | e-ISBN: 9780191596797 | DOI: https://dx.doi.org/10.1093/0199248877.003.0008
 The Mainstream from Viner to the JCM Proposition

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Deals with mainstream customs union theory, starting with the Vinerian concepts of trade creation and trade diversion (Sects. 1–3). Section 4 analyses differences between customs unions and free trade areas, and the phenomenon of trade deflection. Section 5 provides a general equilibrium framework, pioneered by Vanek and Kemp.

Keywords: customs union; free trade area; general equilibrium; Murray C. Kemp; trade creation; trade deflection; trade diversion; Jaroslav Vanek; Jacob Viner

Chapter.  6007 words.  Illustrated.

Subjects: International Economics

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