The World Trading System: Law and Policy of International Economic Relations

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MIT Press, 1997 - Business & Economics - 441 pages
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Since the first edition of The World Trading System was published in 1989, theUruguay Round of trade negotiations has been completed, and most governments have ratified and arein the process of implementing the General Agreement on Tariffs and Trade (GATT). In the UruguayRound, more than 120 nations negotiated for over eight years, to produce a document of some 26,000pages. This new edition of The World Trading System takes account of these and other developments.Like the first edition, however, its treatment of topical issues is grounded in the fundamentallegal, constitutional, institutional, and political realities that mold trade policy. Thus the bookcontinues to serve as an introduction to the study of trade law and policy.Two basic premises of TheWorld Trading System are that economic concerns are central to foreign affairs, and that nationaleconomies are growing more interdependent. The author presents the economic principles ofinternational trade policy and then examines how they operate under real- world constraints. Inparticular, he examines the extremely elaborate system of rules that governs international economicrelations. Until now, the bulk of international trade policy has addressed trade in goods; issuesinadequately addressed by policy include trade in services, intellectual property rights, certaininvestment measures, and agriculture.The author highlights the tension between legal rules, designedto create predictability and stability, and the governments need to make exceptions to solveshort-term problems. He also looks at weaknesses of international trade policy, especially as itapplies to developing countries and economies in transition. He concludes with a look at issues thatwill shape international trade policy well into the twenty-first century.


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The WTO and
National Institutions
Rule Implementation and Dispute Resolution
Tariff and Nontariff Barriers
The MostFavoredNation Policy
Safeguards and Adjustment Policies
National Treatment Obligations and Nontariff Barriers
Competing Policies and Ingenious Devices
Unfair Trade and the Rules of Dumping
The Perplexities of Subsidies in International Trade 2 79
Extending the Scope
Economies with Special Circumstances
Conclusions and Perspectives

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About the author (1997)

John H. Jackson is the Hessel E. Yntema Professor of Law at the University of Michigan Law School.

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