Economics of the World Trading System

ISBN-10: 0262524341
ISBN-13: 9780262524346
Edition: 2004
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Description: World trade is governed by the rules of the World Trade Organization (WTO), the successor to the General Agreement on Tariffs and Trade (GATT). The WTO sets rules of conduct for the international trade of goods and services and for intellectual  More...

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Book details

Copyright year: 2004
Publisher: MIT Press
Publication date: 8/20/2004
Binding: Paperback
Pages: 238
Size: 5.75" wide x 8.75" long x 0.75" tall
Weight: 0.660
Language: English

World trade is governed by the rules of the World Trade Organization (WTO), the successor to the General Agreement on Tariffs and Trade (GATT). The WTO sets rules of conduct for the international trade of goods and services and for intellectual property rights, provides a forum for multinational negotiations to resolve trade problems, and has a formal mechanism for dispute settlement. It is the primary institution working, through rule-based bargaining, at freeing trade. In this book, Kyle Bagwell and Robert Staiger provide an economic analysis and justification for the purpose and design of the GATT/WTO. They summarize their own research, discuss the major features of the GATT agreement, and survey the literature on trade agreements. Their focus on the terms-of-trade externality is particularly original and ties the book together. Topics include the theory of trade agreements, the origin and design of the GATT and the WTO, the principles of reciprocity, the most favored nation principle, terms-of-trade theory, enforcement, preferential trade agreements, labor and environmental standards, competition policy, and agricultural export subsidies.

Kyle Bagwell is Professor of Economics and Senior Fellow at the Stanford Institute for Economic Policy Research. He is also Research Associate at the National Bureau of Economic Research.

Preface
Introduction
The Theory of Trade Agreements
The Purpose of Trade Agreements
The General Equilibrium Model
The Traditional Economic Approach
The Political-Economy Approach
The Commitment Approach
Comparison of Approaches
Rules versus Power
Enforcement
The History and Design of GATT and the WTO
The Origin of GATT and the WTO
The Rules of GATT
Substantive Obligations
Exceptions
Dispute Settlement Procedures
Reciprocity, Nondiscrimination, and Enforcement under GATT
Reciprocity
Reciprocity in GATT
Reciprocity and Trade Negotiations
Reciprocity and Renegotiation
Reciprocity and Participation: Rules versus Power
MFN
MFN in GATT
The Multicountry Model
The General Equilibrium Model
Government Preferences
MFN, Reciprocity, and Trade Negotiations
Significance
MFN and Reciprocity
Nonviolation Nullification-or-Impairment Complaints
The Free-Rider Problem
MFN, Reciprocity and Renegotiation
MFN and the Terms-of-Trade Theory: A Summary
MFN and Political Externalities
Enforcement
GATT Enforcement and the Theory of Repeated Games
Predictions
Rebalancing the Agreement: The GATT Escape Clause
Gradualism: Rounds of Trade Liberalization
The Exchange and Aggregation of Enforcement Power
Preferential Trading Agreements
Preferential Trading Agreements in GATT
Preferential Trading Agreements and Reciprocity
PTAs and Trade Negotiations
PTAs and Renegotiation
Preferential Trading Agreements and Multilateral Enforcement
Other Approaches
Labor and Environmental Standards
Labor and Environmental Standards in GATT
The Model with Domestic Standards
The General Equilibrium Model
Government Preferences
The Purpose of a Trade Agreement
Efficient Policies
Noncooperative Policies
Identifying the Inefficiency
Trade Agreements and National Sovereignty
Enforcement of Labor and Environmental Standards
Competition Policy
Competition Policy in GATT
The Model with Competition Policy
The General Equilibrium Model
Government Preferences
The Purpose of a Trade Agreement
Trade Agreements and National Sovereignty
Agricultural Export Subsidies
Agricultural Export Subsidies in GATT
Features of the Agricultural Disputes
Theoretical Approaches
The Model of Agricultural Export Subsidies
The Partial Equilibrium Model
Government Preferences
The Purpose of Subsidy Agreements
Nash Subsidies
Cooperative Subsidies
Efficient Subsidies
Illustration
Interpretation
The Treatment of Export Subsidies
The Practical Relevance of Terms-of-Trade Considerations
Conclusion
Appendixes
Appendix to Chapter 2
Appendix to Chapter 5
The General Equilibrium Model: Further Details
The Efficiency Frontier: Characterizations
Many Goods
References
Index

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