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Rent Seeking, Protectionism and Innovation in the American Steel Industry

Stefanie Lenway, Randall Morck and Bernard Yeung
The Economic Journal
Vol. 106, No. 435 (Mar., 1996), pp. 410-421
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2235256
Stable URL: http://www.jstor.org/stable/2235256
Page Count: 12
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Rent Seeking, Protectionism and Innovation in the American Steel Industry
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Abstract

Trade protection in a declining industry can cause damages beyond those revealed in the usual trade diagram analysis. Using data on the US steel firms, we show that trade protection in that industry rewards poor performance, reduces incentives to innovate, and frustrates the normal Schumpeterian process of creative destruction.

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