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The Multilateral Trading System: Special and Differential Treatment for Developing Countries in the WTO

In: Globalization and the Reform of the International Banking and Monetary System

Author

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  • Carlos Perez Castillo

Abstract

The economic argument for an open trading system is based on multilaterally agreed rules that rest largely on commercial common sense. Statistical data clearly shows a link between free trade and economic growth. The principle of “comparative advantage” has proven countries prosper by first taking advantage of their assets, in order to concentrate on what they can produce best, and then by trading these products for different products that other countries produce best.

Suggested Citation

  • Carlos Perez Castillo, 2009. "The Multilateral Trading System: Special and Differential Treatment for Developing Countries in the WTO," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Otto Hieronymi (ed.), Globalization and the Reform of the International Banking and Monetary System, chapter 11, pages 237-246, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-25106-9_11
    DOI: 10.1057/9780230251069_11
    as

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