beggar thy neighbor policy definition

beggar thy neighbor policy

That attempts to cure a country's balance of trade, inflation, and unemployment problems by practices that harm the economic interests of its trading partners. It usually takes the form of (1) restricting imports by quotas or by raising tariffs, (2) currency devaluation that makes imports more expensive and exports cheaper, or (3) currency appreciation that reduces domestic inflation but makes its products more expensive in the importing countries.

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