Beggar-thy-neighbor

(redirected from Beggar-Thy-Neighbor Policies)

Beggar-thy-neighbor

An international trade policy of competitive devaluations and increased protective barriers that one country institutes to gain at the expense of its trading partners.

Beggar-Thy-Neighbor

A protectionist policy involving the devaluation of one's currency and the construction of tariffs barriers on other countries. The goal of a beggar-thy-neighbor policy is to increase demand for a country's exports (by devaluing the currency and making a country's goods less expensive in other countries) while also reducing demand for the countries imports (by making them more expensive through the tariff barriers). A form of this policy, notably the tariff barrier, was implemented at the beginning of the Great Depression with almost no success. A beggar-thy-neighbor policy in the United States caused other countries to follow suit, resulting in a massive decrease in international trade. This made the Depression worse. See also: Smoot-Hawley Act.
References in periodicals archive ?
As insidious as beggar-thy-neighbor policies are, there is something even worse: the beggar-thyself policies that seem to have become part of orthodox crisis response.
What we have instead is a process driven by political gamesmanship that will devolve into beggar-thy-neighbor policies reminiscent of 18th-century mercantilism.
G20 credibility does depend on showing results C* we cannot get out of this with beggar-thy-neighbor policies," Canadian Prime Minister Stephen Harper said.
This is what makes today's beggar-thy-neighbor policies so destructive: though some countries will eventually have to absorb the surpluses and capital, each country is trying to avoid them.
During the Great Depression, the greatest of all balance sheet recessions, those countries that tried to stick with balanced budget principles not only ended up experiencing the greatest economic declines, but also caused global fallacy of composition through their beggar-thy-neighbor policies.
In the current climate of anxiety and uncertainty, policymakers must ensure strong communication and coordination, avoid beggar-thy-neighbor policies, and guard against protectionism.
The laudable intentions of the founders at the 1944 Bretton Woods conference were directed toward avoiding the tremendous shortcomings in the international system in the post-World War I period when the lack of effective multilateral mechanisms allowed governments to practice beggar-thy-neighbor policies, resulting in declining world trade hurting employment and living standards in many countries.
Beggar-thy-neighbor policies will lead to revenue losses for all developing countries, while undermining the possibility of balanced, inclusive and sustainable development.
The allies, particularly the United States and Great Britain, were determined that post-WWII international institutions would avoid the beggar-thy-neighbor policies of the 1930s.
Because beggar-thy-neighbor policies create benefits by imposing costs on others, they, too, need to be regulated at the international level.
leadership and responsible treatment of our currency's reserve role in the global economy by avoiding the disruptive, destabilizing, and ultimately destructive beggar-thy-neighbor policies witnessed in the last century.
At the hearing, Snow said the United States opposes ''any beggar-thy-neighbor policies,'' reiterating that the U.