There can be few industries which have generated as much political controversy as the world steel industry. Since 1968 the trade policies of both the US and the EEC have created a vicious circle of protectionism and delayed adjustment in their steel industries. In particular, protectionist policies by one government have tended to lead directly to rebound protectionist policies by the other. This book, first published in 1986, begins by tracing the historical roots of steel protectionism and describes the changing competitive structure of the world steel market which has led to increased government involvement in the traditional steel-making countries as they became vulnerable to imports from the newly industrialised countries. The most distinctive feature of the book is its economic analysis of a policy crisis; a crisis whose inner dynamics work against a viable solution.
1. Steel Trade and National Welfare 2. Steel Protectionism in Historical Perspective 3. The Battle Lines of Steel Protectionism 4. The World Steel Market in Transition 5. Steel Trade Policy in Crisis 6. The Crisis Renewed: Towards Binding Voluntary Restraint 7. The Collapse of the TPM and the Establishment of Comprehensive Steel Pacts 8. Conclusions and Outlook: The Implications of Non-Adjustment