- Edited by Kenneth Heydon, London School of Economics, UK and Sciences-Po, France and Stephen Woolcock, London School of Economics, UK
This volume provides a state of the art review of current thinking on the full range of trade policy issues, addressing the economic and political dimensions of international trade policy.
The volume contains a systematic examination of:
- specific trade policy instruments (such as tariffs, non-tariff barriers and trade rules)
- sectoral concerns (in agriculture, manufacturing and services)
- trade linkages (to issues such as the environment and labour standards)
- systemic considerations (what role for the WTO?)
The organising theme of the volume is that open markets for trade and investment yield large potential gains in human welfare as long as trade policy is conducted as an integral part of broader domestic economic management and regulatory reform, and as long as the particular challenges facing developing countries are effectively addressed. This 'case' is presented on the basis of rigorous analysis of first principles and of empirical experience among key trading nations.
An integrated set of original and comprehensive perspectives from a diverse group of experts, linked by a common organisational thread. The contributing authors create an ideal mix of internationally recognised experts together with younger specialists making their mark in trade policy analysis; academics as well as trade policy practitioners; and representatives of both developed and developing countries.
Contents: Introduction, Kenneth Heydon; Part I The Political and Economic Context of Trade Policy: Free trade versus protection: an intellectual history, Razeen Sally; The political economy of international trade, Kenneth Heydon; The evolution of the international trading system, Stephen Woolcock. Part II Outstanding Issues in Key Policy Areas: Do import tariffs still matter?, Przemyslav Kowalski; Non-tariff measures, Michael J. Ferrantino; Commercial instruments, Patrick Messerlin and Stephen Woolcock; Trade facilitation, Andrew Grainger. Part III Sectoral Challenges: Agriculture, Stefan Tangermann; Trade in services, Christopher Roberts and Kenneth Heydon; Changes in the value chain of manufacturing industries: a Japanese perspective, Risaburo Nezu. Part IV Related Complexities: Trade and investment, Sébastien Miroudot; Trade and competition policy, Kamala Dawar and Peter Holmes; Environmental protection, international trade and the WTO, Robert Falkner and Nico Jaspers; Trade and risk assessment, David Robertson; Trade and labour standards, Göte Hansson; Intellectual property rights and trade, Meir P. Pugatch. Part V Trade and Development: Trade openness and growth miracles: a fresh look at Taiwan, Arvind Panagariya; The evolution of special and differential treatment and aid for trade, Matthias Meyer and Peter Lunenborg; Trade preferences for developing countries: the case of the European Union, Christopher Stevens; Developing professional services in Africa: how regional integration can help, Nora Dihel, Ana M. Fernandes and Aaditya Mattoo. Part VI The WTO and Multilateralism: The structure and function of the World Trade Organization, John H. Jackson and Steve Charnovitz; Preferential agreements and multilateralism, Mark Manger; Part VII Trade Policymaking: Regional Perspectives: The United States: trade policy sleeping – short nap or long slumber?, Gary Hufbauer and Kati Suominen; The functioning of the European Union’s trade policy, Joakim Reiter; Trade policymaking in Latin America, Alejandro Jara and Sebastian Herreros; Trade policy-making in East Africa, Peter Kiuluku and Caiphas Chekwoti; China’s trade policymaking: domestic interests and post-WTO contestations, Yang Jiang. Part VIII Conclusions: Trends in trade policy and challenges ahead, Kenneth Heydon and Stephen Woolcock; Index.
About the Editor: Kenneth Heydon, London School of Economics, UK and Dr Stephen Woolcock, London School of Economics, UK
Reviews: 'Concerns over today’s global economic environment, following the 2008 financial crisis, are adding to pressures to turn away from trade liberalization in favour of new and old forms of protectionism. Thus, this edited volume, which emphasizes the importance of international trade, is a timely, thoughtful addition to the literature. It provides a good review of current trade policy issues that have kept globalization at the center of debate, including impacts on jobs, investment, development, the environment, poverty and health… Highly recommended. Upper-division graduate students through professionals.' Choice
'This book's emphasis on the importance of trade is extremely timely in view of pressures for trade protectionism following the 2007-9 global financial crisis. Unlike most edited works on trade, the book provides an integrated and comprehensive approach to the most significant aspects of international trade relations. The highly readable chapters by both acknowledged experts and upcoming academics and practitioners will be very useful for students, faculty, those involved with governments, international organizations and NGOs, and others interested in trade and trade-related issues.'
Theodore Cohn, Simon Fraser University, Canada
'…an indispensable guide to the current state of world trade policy and the arguments surrounding it. The various contributions are carefully selected not merely to cover the various aspects and areas of trade policy but to lucidly present a full picture of a fascinating subject. It raises the question as to how we now find ourselves facing the failure of the Doha Development Round with the consequential damage to the system that the World Trade Organisation embodies. I found it truly excellent.'
Peter D Sutherland KCMG, former Director-General of GATT & the WTO
'This book is as timely as it is thoughtful. Turmoil in today's global economic environment is adding to the pressure from well-established special interests to turn away from trade liberalization in favor of new and old forms of protectionism. The authors point to the fallacy of such a backward looking approach and make a strong case in favor of open markets. At the same time they correctly emphasize that trade liberalization alone is insufficient to ensure widespread and inclusive growth. By highlighting explicitly the essential role of complementary policies, from active labor market to social protection measures, the authors illustrate how the potential created by more open markets can be turned into reality for workers and for firms, both in developing and developed economies. This is what really matters in all economic activity, human progress; and this is what we very much need today.'
Angel Gurría, Secretary-General of the Organisation for Economic Cooperation and Development (OECD)
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