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The International Trading System and Its Future

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  • Rachel McCulloch

    ()
    (Department of Economics, Brandeis University)

Abstract

This chapter describes the evolution and structure of the international trading system, focusing on the tension between the fundamental GATT/WTO principle of most-favored-nation (MFN) treatment and the proliferation of discriminatory trading arrangements, including regional agreements as well as new versions of special and differential treatment of low-income countries. It also discusses the increasing pressure to use the enforcement power of the GATT/WTO system to achieve member compliance with social norms in the areas of labor and environment. The chapter concludes by considering some significant challenges that currently face the international trading system and possible directions of the system’s evolution in response to these challenges.

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File URL: http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP08.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Brandeis University, Department of Economics and International Businesss School in its series Working Papers with number 08.

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Length: 29 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:brd:wpaper:08

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Postal: MS032, P.O. Box 9110, Waltham, MA 02454-9110
Web page: http://www.brandeis.edu/departments/economics/
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  1. Hoekman, Bernard & Martin, Will & Mattoo, Aaditya, 2010. "Conclude Doha: It Matters!," CEPR Discussion Papers 7788, C.E.P.R. Discussion Papers.
  2. Will Martin & Patrick Messerlin, 2007. "Why is it so difficult? Trade liberalization under the Doha Agenda," Oxford Review of Economic Policy, Oxford University Press, vol. 23(3), pages 347-366, Autumn.
  3. Gary Clyde Hufbauer & Steve Charnovitz & Jisun Kim, 2009. "Global Warming and the World Trading System," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4280, July.
  4. Kawai, Masahiro & Petri, Peter & Sisli-Ciamarra, Elif, 2009. "Asia in Global Governance: A Case for Decentralized Institutions," ADBI Working Papers 157, Asian Development Bank Institute.
  5. Gary Clyde Hufbauer & Jeffrey J. Schott & Woan Foong Wong, 2010. "Figuring Out the Doha Round," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa91, July.
  6. Richard Pomfret, 2007. "Is Regionalism an Increasing Feature of the World Economy?," The World Economy, Wiley Blackwell, vol. 30(6), pages 923-947, 06.
  7. Robert W. Staiger & Alan O. Sykes, 2008. ""Currency Manipulation" and World Trade," NBER Working Papers 14600, National Bureau of Economic Research, Inc.
  8. Bown, Chad P. & McCulloch, Rachel, 2009. "U.S.-Japan and U.S.-China trade conflict : export growth, reciprocity, and the international trading system," Policy Research Working Paper Series 5102, The World Bank.
  9. Michael G. Plummer, 2007. "'Best Practices' in Regional Trading Agreements: An Application to Asia," The World Economy, Wiley Blackwell, vol. 30(12), pages 1771-1796, December.
  10. Antoni Estevadeordal & Caroline Freund & Emanuel Ornelas, 2008. "Does Regionalism Affect Trade Liberalization toward NonMembers?," The Quarterly Journal of Economics, MIT Press, vol. 123(4), pages 1531-1575, November.
  11. Chad Bown & Rachel McCulloch, 2010. "Developing countries, dispute settlement, and the Advisory Centre on WTO Law," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 19(1), pages 33-63.
  12. Meredith A. Crowley, 2003. "An introduction to the WTO and GATT," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 42-57.
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