1. Protectionism and world welfare: introduction / Dominick Salvatore -- 2. Fair trade, reciprocity, and harmonization: the novel challenge to the theory and policy of free trade / Jagdish N. Bhagwati -- 3. The revival of protectionism in developed countries / W. Max Corden -- 4. Changes in the global trading system: a response to shifts in national economic power / Robert E. Baldwin -- 5. "Fortress Europe" and retaliatory economic warfare / Lawrence R. Klein and Pingfan Hong -- 6. US response to foreign industrial policies / Richard N. Cooper -- 7. The current case for industrial policy / Paul R. Krugman -- 8. The case for bilateralism / Rudiger W. Dornbusch -- 9. Restrictions to foreign investment: a new form of protectionism? / Vito Tanzi and Isaias Coelho -- 10. Floating exchange rates and the new interbloc protectionism: tariffs versus quotas / Ronald I. McKinnon and K.C. Fung -- 11. The theory of tariffs and monetary policies / Robert Mundell. 12. The economics of content protection / Michael Mussa -- 13. The relationship between exchange-rate variability and protection / Joseph Aschheim, George S. Tavlas and Michael Ulan -- 14. Trade protectionism and welfare in the United States / Dominick Salvatore -- 15. Protectionism and growth of Japanese competitiveness / Ryuzo Sato, Rama Ramachandran and Shunichi Tsutsui -- 16. Protectionism in Western Europe / Norman Scott -- 17. Protectionism and the developing countries / G.K. Helleiner -- 18. Trade liberalization -- the new Eastern Europe in the global economy / Jozef M. Van Brabant.