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| Description | | - A comprehensive, non-technical account of how the world trading system works
- The first political economy analysis of the WTO
- Written with insight into the forces that shaped the WTO structure and the pressures for change
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The creation of the World Trade Organization (WTO) in 1995 ushered in a new era in world trading arrangements. Building on the General Agreement on Trades and Tariffs (GATT), the intergovernmental treaty that for 50 years had regulated international trade relations, the WTO is a global organization of equal standing to the International Monetary Fund and the World Bank, and will set the agenda
for international trade for decades to come. The authors of this volume were heavily involved in the Uruguay Round of GATT negotiations that laid the foundations for the creation of the WTO, and were ideally placed to see how the politics of negotiation affects the economics of trade.
The Political Economy of the World Trading System
is the first comprehensive and accessible introduction
to the institutional mechanics, economics, and politics of the global trading networks. It goes beyond description of the rules of the WTO to analyse the political and economic forces that sculpted them, the incentives for countries to abide by them, and the likely future direction of the organization. The authors show how governments are not necessarily the social welfare-maximizing entities
often found in textbooks, but instead develop policy subject to the pressures of a variety of interest groups. Although economic theory suggests that countries should pursue liberal trade policies and exchange goods and services on the basis of their comparative advantage, in practice most nations actively intervene in international trade. The political economy approach taken in this volume
explains how the WTO functions, why GATT has been very successful in reducing tariffs, and why it has proven much more difficult to expand the reach of multilateral disciplines to domestic policies impacting on trade.
This book will increase the reader's understanding of international economics, business, and international relations by supplying in-depth insider knowledge of how trade
negotiations take place, how this decision-making affects trade policy, and how the multilateral arrangements that shape world trade are created. This information is crucial to understand why WTO rules are phrased as they are, and to understand the processes by which business organizations, industrial associations, and political lobbies influence the multilateral trading system. In this expanded
and thoroughly revised edition, the authors have taken account of the recent developments in international trade relations, included an extra chapter on the historical importance of international trading arrangements, and updated all the references and guides to further reading.
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Readership: Advanced undergraduate and postgraduate students taking courses in international economics, business, and international relations. Academics and policy-makers in these fields.
| Contents |
Introduction
Part I. The Global Trading System
1. The Trading System in Perspective
Part II. The Institution
2. The World Trade Organization
3. Dispute Settlement and Enforcement of Rules
4. Negotiating Forum
Part III. The Multilateral Trade Agreements
5. Trade in Goods
6. Sector-Specific Multilateral Trade Agreements
7. Trade in Services
8. Intellectual Property Rights
Part IV. Holes and Loopholes
9. Safeguards
10. Regional Integration
11. Plurilateral Agreements
Part V. Improving the Trading System
12. Developing Countries and Economies in Transition
13. Beyond the Border: Domestic Regulation and National Preferences
14. Domestic Stakeholders, Transparency and Legitimacy
15. Governance, Ownership, Coherence and the Global Public Good
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| Authors, editors,
and contributors |
Bernard Hoekman, Principal Trade Economist, World Bank, and Research Fellow, Centre for Economic Policy Research and
Michel Kostecki, Professor of Business Economics and Marketing, Université de Neuchâtel
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The specification in this catalogue, including without
limitation price, format, extent, number of illustrations,
and month of publication, was as accurate as
possible at the time the catalogue was compiled.
Occasionally, due to the nature of some contractual restrictions, we
are unable to ship a specific product to a particular territory.
Jacket images are provisional and liable to change before publication.
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