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Trade in the 21st Century

Trade in the 21st Century PDF Author: Bernard M. Hoekman
Publisher: Brookings Institution Press
ISBN: 0815729057
Category : Business & Economics
Languages : en
Pages : 309

Book Description
Despite troubled trade negotiations, global trade—and trade policy—will thrive in the twenty-first century, but with a bow to the past. Is the multilateral trading order of the twentieth century a historical artifact? Was the creation of the World Trade Organization in 1995 the high point of multilateral cooperation on trade? This new volume, edited by Bernard M. Hoekman and Ernesto Zedillo, assesses the relevance of the WTO in the context of the rise of China and the United States' turn toward unilateral protectionism. The contributors adopt a historical perspective to discuss changes in global trade policy trends, adducing lessons from the past to help understand current trade tensions. Topics include responses to U.S. protectionism under the Trump administration, the policy dimensions of trade in services and the rise of the digital economy, how to strengthen the WTO to better negotiate new rules of the game and adjudicate disputes, managing China's integration into the global trade system, and the implications of global value chains for economic development policies. By reflecting on past episodes of protectionism and how they were resolved, Trade in the 21st Century provides both context and guidance on how trade challenges can be addressed in the coming decades.

Trade in the 21st Century

Trade in the 21st Century PDF Author: Bernard M. Hoekman
Publisher: Brookings Institution Press
ISBN: 0815729057
Category : Business & Economics
Languages : en
Pages : 309

Book Description
Despite troubled trade negotiations, global trade—and trade policy—will thrive in the twenty-first century, but with a bow to the past. Is the multilateral trading order of the twentieth century a historical artifact? Was the creation of the World Trade Organization in 1995 the high point of multilateral cooperation on trade? This new volume, edited by Bernard M. Hoekman and Ernesto Zedillo, assesses the relevance of the WTO in the context of the rise of China and the United States' turn toward unilateral protectionism. The contributors adopt a historical perspective to discuss changes in global trade policy trends, adducing lessons from the past to help understand current trade tensions. Topics include responses to U.S. protectionism under the Trump administration, the policy dimensions of trade in services and the rise of the digital economy, how to strengthen the WTO to better negotiate new rules of the game and adjudicate disputes, managing China's integration into the global trade system, and the implications of global value chains for economic development policies. By reflecting on past episodes of protectionism and how they were resolved, Trade in the 21st Century provides both context and guidance on how trade challenges can be addressed in the coming decades.

A World Trade Organization for the 21st Century

A World Trade Organization for the 21st Century PDF Author: Richard Baldwin
Publisher: Edward Elgar Publishing
ISBN: 1783479280
Category : Business & Economics
Languages : en
Pages : 448

Book Description
ø Policy makers will benefit from the expert knowledge and policy lessons presented in this book, and development economists and researchers will profit from its critical examination of the world trading system. Undergraduate and postgraduate studen

Trade Multilateralism in the Twenty-First Century

Trade Multilateralism in the Twenty-First Century PDF Author: Alexei Kireyev
Publisher: Cambridge University Press
ISBN: 1108421288
Category : Business & Economics
Languages : en
Pages : 457

Book Description
The book explores the impact of recent WTO accession experiences on the development of the multilateral trading system.

Deviant Globalization

Deviant Globalization PDF Author: Nils Gilman
Publisher: A&C Black
ISBN: 1441178104
Category : Political Science
Languages : en
Pages : 311

Book Description
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The Craft of Economics

The Craft of Economics PDF Author: Edward E. Leamer
Publisher: MIT Press
ISBN: 0262300834
Category : Business & Economics
Languages : en
Pages : 207

Book Description
A review of the Heckscher–Ohlin framework prompts a noted economist to consider the methodology of economics. In this spirited and provocative book, Edward Leamer turns an examination of the Heckscher–Ohlin framework for global competition into an opportunity to consider the craft of economics: what economists do, what they should do, and what they shouldn't do. Claiming “a lifetime relationship with Heckscher–Ohlin,” Leamer argues that Bertil Ohlin's original idea offered something useful though vague and not necessarily valid; the economists who later translated his ideas into mathematical theorems offered something precise and valid but not necessarily useful. He argues further that the best economists keep formal and informal thinking in balance. An Ohlinesque mostly prose style can let in faulty thinking and fuzzy communication; a mostly math style allows misplaced emphasis and opaque communication. Leamer writes that today's model- and math-driven economics needs more prose and less math. Leamer shows that the Heckscher–Ohlin framework is still useful, and that there is still much work to be done with it. But he issues a caveat about economists: “What we do is not science, it's fiction and journalism.” Economic theory, he writes, is fiction (stories, loosely connected to the facts); data analysis is journalism (facts, loosely connected to the stories). Rather than titling the two sections of his book Theory and Evidence, he calls them Economic Fiction and Econometric Journalism, explaining, “If you find that startling, that's good. I am trying to keep you awake.”

The Economics of the World Trading System

The Economics of the World Trading System PDF Author: Kyle Bagwell
Publisher: MIT Press
ISBN: 9780262524346
Category : Business & Economics
Languages : en
Pages : 244

Book Description
World trade is governed by the rules of the World Trade Organization (WTO), the successor to the General Agreement on Tariffs and Trade (GATT). The WTO sets rules of conduct for the international trade of goods and services and for intellectual property rights, provides a forum for multinational negotiations to resolve trade problems, and has a formal mechanism for dispute settlement. It is the primary institution working, through rule-based bargaining, at freeing trade. In this book, Kyle Bagwell and Robert Staiger provide an economic analysis and justification for the purpose and design of the GATT/WTO. They summarize their own research, discuss the major features of the GATT agreement, and survey the literature on trade agreements. Their focus on the terms-of-trade externality is particularly original and ties the book together. Topics include the theory of trade agreements, the origin and design of the GATT and the WTO, the principles of reciprocity, the most favored nation principle, terms-of-trade theory, enforcement, preferential trade agreements, labor and environmental standards, competition policy, and agricultural export subsidies.

The China-Australia Free Trade Agreement

The China-Australia Free Trade Agreement PDF Author: Colin Picker
Publisher: Bloomsbury Publishing
ISBN: 1509915400
Category : Law
Languages : en
Pages : 379

Book Description
This book provides readers with a unique opportunity to learn about one of the new regional trade agreements (RTAs), the China–Australia Free Trade Agreement (ChAFTA), that has been operational since December 2015 and is now at the forefront of the field. This new agreement reflects many of the modern and up-to-date approaches within the international economic legal order that must now exist within a very different environment than that of the late eighties and early nineties, when the World Trade Organization (WTO) was created. The book, therefore, explores many new features that were not present when the WTO or early RTAs were negotiated. It provides insights and lessons about new and important trade issues for the twenty-first century, such as the latest approaches to the regulation of investment, twenty-first century services and the emerging digital/knowledge economy. In addition, this book provides new understandings of the latest RTA approaches of China and Australia. The book's contributors, all foremost experts on their subject matter within this field, explore the inclusion of many traditional trade and investment agreement features in the ChAFTA, showing their continuing relevance in modern contexts.

A World Connected

A World Connected PDF Author: Nayan Chanda
Publisher: Yale University Press
ISBN: 0977992209
Category : Political Science
Languages : en
Pages : 424

Book Description
"No word has evoked as much passion in recent times as the word 'globalization,' which carries an array of meanings among different people and disciplines. But the fact is that globalization is an historical process that has connected the world and influenced it, for better or worse, in every aspect of life. A World Connected: Globalization in the 21st Century is a collection of more than 100 thought-provoking essays by renowned scholars, journalists and leading policymakers published over the past decade by the flagship publication of the Yale Center for the Study of Globalization, YaleGlobal Online. The essays are grouped by chapters on Global Economy and Trade, Security, Diplomacy, Society, Culture, Health and Environment, Demography and Immigration, Anti-Globalization, Innovation and Global Governance and offer insights about globalization trends for the future. The volume contains a general introduction by the editors and a preface by Yale University President Richard C. Levin"--Provided by publisher.

Macroeconomics in Times of Liquidity Crises

Macroeconomics in Times of Liquidity Crises PDF Author: Guillermo A. Calvo
Publisher: MIT Press
ISBN: 0262035413
Category : Business & Economics
Languages : en
Pages : 265

Book Description
An examination of Liquidity Crunch in triggering and characterizing financial crises. Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch. Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

Clashing Over Commerce

Clashing Over Commerce PDF Author: Douglas A. Irwin
Publisher: University of Chicago Press
ISBN: 022639901X
Category : Political Science
Languages : en
Pages : 873

Book Description
A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs