„Beggar-Thy-Neighbor Policy“

What does Beggar-Thy-Neighbor Policy stand for?

A course of action through which a country tries to reduce unemployment and increase domestic output by raising tariffs and instituting non-tariff barriers that impede imports, and thus improve its own position at the expense of its trading partners.

Source:

Krugman, P., Obstfeld, M., & Melitz, M. (2015). International Economics: Theory & Policy. 10th edition. Pearson Education Limited.

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