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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
Stable URL: http://www.jstor.org/stable/2235256
Page Count: 12
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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.
The Economic Journal © 1996 Royal Economic Society