Meade's early important work resulted in The Theory of International
Economic Policy, which was published in two volumes--The Balance of
Payments (1951) and Trade and Welfare (1955). In the first of these
books he sought to synthesize Keynesian and neoclassical elements in
a model designed to show the effects of various monetary and fiscal
policies on the balance of payments. In the second volume Meade explored
the effects on economic welfare of various kinds of trade policy, providing
a detailed analysis of the welfare effects of regulation of trade. Meade's
work also led to later work on trade discrimination and effective protection.
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