The Two Rabbits of International Trade
If you chase two rabbits at once, the old saying goes, both will escape. This idea matters a lot in trade policy, which must simultaneously seek to harness the economic benefits of greater openness and to ensure that those benefits are distributed fairly.
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SEOUL – If you chase two rabbits at once, the old saying goes, both will escape. And yet this is precisely what many governments are required to do: pursue both growth and distributional fairness. The two objectives, though not incompatible, are entirely different from one another, and few policy tools can simultaneously help to achieve both.