Advantage Magazine: Turbulent Times - Summer 2025

Advantage Magazine: Turbulent Times - Summer 2025

As the effect of tariffs on trade creates an era of global economic uncertainty, this issue of Advantage highlights some of our research in this area. The contributions cover the long run arc of trade and the impact that tariffs, war and migration have on economies.

Economic warfare and economic sanctions have a long history. Looking at three centuries of evidence, Stephen Broadberry discusses the results of economic warfare Link opens in a new window by one country on another and whether economic sanctions can replace military action.

The ability to measure longitude accurately through the invention of an advanced clock was an important breakthrough in the Industrial Revolution. Martina Miotto describes the way the marine chronometer influenced urbanisationLink opens in a new window, reshaped world geography and transformed global trade.

With the US-China dispute a prominent fracture in the global trade landscape, Natalie Chen, Dennis Novy and Diego SolórzanoLink opens in a new window highlight the benefits an earlier hike in US tariffs against China had on Mexico’s exports and employment.

Migration debates can be politically charged and policymakers struggle to reconcile the need for immigration with growing public tensions. Andreas Ferrara suggests that immigration is a vital assetLink opens in a new window for the growth strategy of Western nations.

Trade between the four nations of the United Kingdom is the topic of Marta Santamaria's researchLink opens in a new window. She discusses the way UK growth is hindered by the barriers to trade on its domestic borders.

Finally, in our parting shot CAGE Impact Director Dennis Novy highlights the importance of taking a historical lookLink opens in a new window at international relations and pays tribute to Norwegian economist Victor Norman – a pioneer of new trade theory.

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