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The Economics of Trade Disputes, the GATT's Article XXIII, and the WTO's Dispute Settlement Understanding

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  • Chad P . Bown

Abstract

Economic theory has yet to provide a convincing argument that can explain why the threat of retaliation under the GATT/WTO dispute settlement procedures is not sufficient to prevent countries from violating the agreement. We consider the question of why countries violate the agreed-upon rules in the face of explicit provisions which allow them to legally adjust their trade policy. Using the GATT/WTO institutional structure and the guiding principle of reciprocity, we provide a theory suggesting when countries will choose to implement protection in violation of GATT/WTO rules, as opposed to under the relevant safeguards provisions, when trade policy adjustments are necessary between "negotiating rounds." Copyright Blackwell Publishers Ltd 2002.

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  • Chad P . Bown, 2002. "The Economics of Trade Disputes, the GATT's Article XXIII, and the WTO's Dispute Settlement Understanding," Economics and Politics, Wiley Blackwell, vol. 14(3), pages 283-323, November.
  • Handle: RePEc:bla:ecopol:v:14:y:2002:i:3:p:283-323
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