American Trade Policy: A Tragedy in the Making

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AEI Press, Jan 1, 1995 - Business & Economics - 141 pages
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In this monograph Anne O. Krueger demonstrates the increasing reliance on bilateral and regional trading arrangements and shows the dangers of departures from multilateralism. Using examples from trading relationships with individual countries (especially Japan and Korea), she shows how the presence of third countries not covered by agreements, market forces, and unanticipated technological and economic events undermine the intended effects of many bilateral arrangements. Ms. Krueger analyzes the North American Free Trade Agreement, and its prospective enlargement to a Western Hemisphere free trade agreement, in light of its impact on the multilateral trading system. While such arrangements can be "GATT plus, " they can also be GATT substitutes. The author outlines the ways in which the presence of regional arrangements can detract from the open multilateral trading system, especially at a time when the new World Trade Organization should be the focal point of energy and attention. Ms. Krueger concludes by summarizing the failures of bilateral approaches to achieving their objectives and calling for a renewed commitment to the open multilateral trading system.

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Contents

AMERICAN LEADERSHIP AND THE OPEN MULTILATERAL
9
ADMINISTERED PROTECTION
33
BILATERAL WORDS AND DEEDS
51
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About the author (1995)

Anne O. Krueger is the Herald L. and Caroline L. Ritch Professor of Economics, senior fellow of the Hoover Institution, and director of the Center for Research on Economic Development and Policy Reform at Stanford University. She is the editor of "The WTO as an International Organization" and "The Structure and Evolution of Recent U.S. Trade Policy," as well as the author of "American Trade Policy: A Tragedy in the Making,

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