The Political Economy of the World Trading System : WTO and Beyond: WTO and Beyond

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OUP Oxford, Jul 19, 2001 - Business & Economics - 576 pages
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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Contents

Introduction
1
The Trading System in Perspective
9
Factor intensity of exports 1988 and 1998
14
A chronology
39
The World Trade Organization
49
Patterns of protection 1995 percent
56
Dispute Settlement and Enforcement of Rules
74
Negotiating Forum
100
Protection of Intellectual Property
274
instruments and related international agreements
280
Safeguards and Exceptions
303
Estimated static rent transfers from TR1Ps implementation 1995
311
Motivations for dumping
318
Countervailing duties 19929
331
Regional Integration
346
l1 Plurilateral Agreements
369

Users of Dispute Settlement April l994March 1999
101
Negotiating techniques and formulae
125
Trade in Goods
145
Tariffbindings for industrial products
150
Countries using preshipment inspection April 1999
163
SectorSpecific Multilateral Trade Agreements
208
Share of stateowned enterprises in GDP 197891
227
Trade in Services
237
Trade in services by modes of supply 1997
240
Format and example ofa schedule of specific commitments
251
Precommitments to future financial services liberalization
260
GPA Thresholds for coverage ofprocurement contracts SDRs
376
Integrating Developing Countries and Economies in Transition
385
GATT and developing countries
386
Developing Country Participation in Dispute Settlement
395
Towards Deeper Integration? The Trade and Agenda 41 3
413
Legitimacy Coherence and Govemance
461
Whither the Trading System?
479
ANNEXES
487
REFERENCFS
505
INDEX
541
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