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Regionalism and Multilateralism: A Political Economy Approach

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  • Pravin Krishna

Abstract

Preferential trading arrangements are analyzed from the viewpoint of the "new political economy" that views trade policy as being determined by lobbying of concentrated interest groups. Two conclusions are reached: first, that trade-diverting preferential arrangements are more likely to be supported politically; and second, that such preferential arrangements could critically change domestic incentives so multilateral liberalization that is initially politically feasible could be rendered infeasible by a preferential arrangement. The larger the trade diversion resulting from the preferential arrangement, the more likely this will be the case.
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Suggested Citation

  • Pravin Krishna, 1996. "Regionalism and Multilateralism: A Political Economy Approach," Working Papers 96-5, Brown University, Department of Economics.
  • Handle: RePEc:bro:econwp:96-5
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    1. Brander, James & Krugman, Paul, 1983. "A 'reciprocal dumping' model of international trade," Journal of International Economics, Elsevier, vol. 15(3-4), pages 313-321, November.
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    7. repec:wsi:wschap:9789812798091_0006 is not listed on IDEAS
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    11. Alan V. Deardorff & Robert M. Stern, 2009. "Multilateral Trade Negotiations and Preferential Trading Arrangements," World Scientific Book Chapters,in: Globalization And International Trade Policies, chapter 6, pages 153-210 World Scientific Publishing Co. Pte. Ltd..
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