Pack and Westphal reported that “through import
restrictions, selectively promoted infant industries
were often initially granted whatever levels of
effective protection were required to secure an adequate
market for their output as well as a satisfactory
rate of return on investment.” They also found
that after the export promotion reforms of the early
1960s, “imports . . . for the domestic market remained
subject to tariffs and quantitative controls.”
As Robert Wade notes, tariff rates appear much