Protectionist Policies Cost Canadians Up to 1.5% of GDP During Globalization
The article examines Canadian trade policies from 1870-1913 using a trade restrictiveness index. It shows that during this time, Canada had more restrictive trade policies than previously thought, leading to welfare losses of 0.7-1.5% of GDP. The study also reveals that the expansion of trade volume and variety influenced the restrictiveness and welfare costs of these policies.