1. The Smoot-Hawley Tariff was one of the most protectionist tariffs in U.S. history. How can we explain its passage in 1930?
2. Trade theory does not imply that every individual within each nation will benefit from the lowering of trade barriers, just that the aggregate benefits will exceed the aggregate losses
. Who stands to benefit most from trade liberalization in the advanced economies of Europe, Japan, and the United States, and who is most likely to be disadvantaged? What is the situation in developing nations with different types of factor endowments?
3. Discuss two different explanations for Britain's repeal of the Corn Laws. Which is the most convincing explanation and why?
4. Discuss two different explanations for the Cobden-Chevalier Treaty. Which is the more convincing explanation and why?
5. In theory, how is the gold standard supposed to work? How did practice differ from theory during the height of the gold standard (1870-1914)? Discuss the main difficulties policymakers faced when they tried to restore the gold standard after the end of World War I.