Lukasz Gruszczynski
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199578924
- eISBN:
- 9780191722646
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199578924.001.0001
- Subject:
- Law, Public International Law, Environmental and Energy Law
The last sixty years witnessed an unprecedented expansion of international trade. The system created by the General Agreement on Tariffs and Trade and later by the World Trade Organization (WTO) has ...
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The last sixty years witnessed an unprecedented expansion of international trade. The system created by the General Agreement on Tariffs and Trade and later by the World Trade Organization (WTO) has proved to be an efficient tool for the elimination of trade tariff barriers. This process also coincided with the increased national risk regulatory controls. Governments, responding to the demands of their domestic constituencies, have adopted a wide range of regulatory measures aimed at protecting the environment and human health. Although for the most part, these new regulatory initiatives served legitimate objectives, it has also turned out that internal measures might become an attractive vehicle for protectionism, taking the place that was traditionally occupied by tariff barriers. The WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) is an attempt by the international community to limit possible abuses while accepting a considerable margin of regulatory discretion of WTO Members. Does it optimally strike a balance between competing objectives of international free trade and regulatory freedom in the field of risk regulation? In answering this question, the book engages in a comprehensive and critical examination of the substantive provisions of the SPS Agreement and the corresponding case law. Special attention is paid to three specific issues: the appropriateness of the disciplines established by the SPS Agreement, the consistency of their interpretation by the WTO case law, and the normative content of those requirements that have not yet been addressed by SPS jurisprudence. The book concludes that despite some failures of the SPS system, the Agreement provides an operable and efficient mechanism for the supervision of domestic SPS measures.Less
The last sixty years witnessed an unprecedented expansion of international trade. The system created by the General Agreement on Tariffs and Trade and later by the World Trade Organization (WTO) has proved to be an efficient tool for the elimination of trade tariff barriers. This process also coincided with the increased national risk regulatory controls. Governments, responding to the demands of their domestic constituencies, have adopted a wide range of regulatory measures aimed at protecting the environment and human health. Although for the most part, these new regulatory initiatives served legitimate objectives, it has also turned out that internal measures might become an attractive vehicle for protectionism, taking the place that was traditionally occupied by tariff barriers. The WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) is an attempt by the international community to limit possible abuses while accepting a considerable margin of regulatory discretion of WTO Members. Does it optimally strike a balance between competing objectives of international free trade and regulatory freedom in the field of risk regulation? In answering this question, the book engages in a comprehensive and critical examination of the substantive provisions of the SPS Agreement and the corresponding case law. Special attention is paid to three specific issues: the appropriateness of the disciplines established by the SPS Agreement, the consistency of their interpretation by the WTO case law, and the normative content of those requirements that have not yet been addressed by SPS jurisprudence. The book concludes that despite some failures of the SPS system, the Agreement provides an operable and efficient mechanism for the supervision of domestic SPS measures.
W. Max. Corden
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198775348
- eISBN:
- 9780191715471
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198775342.001.0001
- Subject:
- Economics and Finance, International
Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static ...
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Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static and dynamic arguments for protection, especially the infant industry argument, effects of trade policy on income distribution, monopoly, X‐efficiency, foreign investment, and capital accumulation, and the choice between tariffs and subsidies as methods of protection. Chapters especially written for the second edition cover the environment and trade policy, strategic trade policy, and the relationship between trade policy and the exchange rate. The book contains many diagrams and very little mathematics.Less
Expounds the normative theory of trade policy and sets out a framework for analysing trade and other intervention policies in the presence of domestic distortions. It includes discussion of static and dynamic arguments for protection, especially the infant industry argument, effects of trade policy on income distribution, monopoly, X‐efficiency, foreign investment, and capital accumulation, and the choice between tariffs and subsidies as methods of protection. Chapters especially written for the second edition cover the environment and trade policy, strategic trade policy, and the relationship between trade policy and the exchange rate. The book contains many diagrams and very little mathematics.
Jeffrey S. Lantis
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199535019
- eISBN:
- 9780191715952
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199535019.003.0007
- Subject:
- Political Science, Comparative Politics, International Relations and Politics
This chapter examines the development of the 2004 Australia–United States Free Trade Agreement (AUSFTA). Government leaders who completed negotiations on the treaty in 2004 believed that it would be ...
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This chapter examines the development of the 2004 Australia–United States Free Trade Agreement (AUSFTA). Government leaders who completed negotiations on the treaty in 2004 believed that it would be a “win–win” deal for the two advanced industrialized nations; they would build on an already-strong bilateral trade relationship to create a plan that eliminated tariff barriers stretching across the Pacific Ocean. Yet AUSFTA became the most controversial trade agreement in Australia's history, and the government nearly failed to ratify it.Less
This chapter examines the development of the 2004 Australia–United States Free Trade Agreement (AUSFTA). Government leaders who completed negotiations on the treaty in 2004 believed that it would be a “win–win” deal for the two advanced industrialized nations; they would build on an already-strong bilateral trade relationship to create a plan that eliminated tariff barriers stretching across the Pacific Ocean. Yet AUSFTA became the most controversial trade agreement in Australia's history, and the government nearly failed to ratify it.
Olivier Cadot, Antoni Estevadeordal, Akiko Suwa-Eisenmann, and Thierry Verdier (eds)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199290482
- eISBN:
- 9780191603471
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199290482.001.0001
- Subject:
- Economics and Finance, International
Rules of Origin (RoO) are among the most important instruments in the negotiation and functioning of Regional Trade Agreements (RTAs), designed to determine the eligibility of goods for preferential ...
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Rules of Origin (RoO) are among the most important instruments in the negotiation and functioning of Regional Trade Agreements (RTAs), designed to determine the eligibility of goods for preferential treatment among RTA members. Ostensibly meant to prevent the trans-shipment of imported products across RTA borders after only superficial assembly, they may act as complex and opaque trade barriers in practice. This book suggests that RoO do this with intent rather than accidentally. In other words, RoO are truly trade policy instruments. The book’s overall message for the policy community is that RoO are a potentially powerful and new barrier to trade. Their design should hold centre-stage in trade negotiations rather than being relegated to closed-door technical meetings.Less
Rules of Origin (RoO) are among the most important instruments in the negotiation and functioning of Regional Trade Agreements (RTAs), designed to determine the eligibility of goods for preferential treatment among RTA members. Ostensibly meant to prevent the trans-shipment of imported products across RTA borders after only superficial assembly, they may act as complex and opaque trade barriers in practice. This book suggests that RoO do this with intent rather than accidentally. In other words, RoO are truly trade policy instruments. The book’s overall message for the policy community is that RoO are a potentially powerful and new barrier to trade. Their design should hold centre-stage in trade negotiations rather than being relegated to closed-door technical meetings.
Petros Mavroidis
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199552139
- eISBN:
- 9780191716591
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199552139.001.0001
- Subject:
- Law, Public International Law
This book analyses the establishment and operation of international agreements regulating trade in goods, focusing on the General Agreement on Tariffs and Trade (GATT). The book outlines the history ...
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This book analyses the establishment and operation of international agreements regulating trade in goods, focusing on the General Agreement on Tariffs and Trade (GATT). The book outlines the history of the international trading system from the creation of the first GATT agreement in 1947 to the establishment of the World Trade Organization in 1994. The major substantive provisions of the GATT are then analysed alongside the other foundational trade agreements of the WTO, clarifying the economic rationale for the current legal framework. Throughout the book, it is maintained that the agreements themselves represent ‘incomplete contracts’, realized through interpretation by the WTO and other judicial bodies. A comprehensive analysis of the case-law is provided, where it is argued that a more rigorous theoretical approach is needed to ensure a greater coherence to the interpretation of the core provisions regulating trade in goods. The book presents an extension and elaboration of the author's views expressed in The General Agreement in Tariffs and Trade: A Commentary (OUP, 2005) to incorporate a general analysis of trade agreements.Less
This book analyses the establishment and operation of international agreements regulating trade in goods, focusing on the General Agreement on Tariffs and Trade (GATT). The book outlines the history of the international trading system from the creation of the first GATT agreement in 1947 to the establishment of the World Trade Organization in 1994. The major substantive provisions of the GATT are then analysed alongside the other foundational trade agreements of the WTO, clarifying the economic rationale for the current legal framework. Throughout the book, it is maintained that the agreements themselves represent ‘incomplete contracts’, realized through interpretation by the WTO and other judicial bodies. A comprehensive analysis of the case-law is provided, where it is argued that a more rigorous theoretical approach is needed to ensure a greater coherence to the interpretation of the core provisions regulating trade in goods. The book presents an extension and elaboration of the author's views expressed in The General Agreement in Tariffs and Trade: A Commentary (OUP, 2005) to incorporate a general analysis of trade agreements.
Alec Stone Sweet
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199275533
- eISBN:
- 9780191602009
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019927553X.003.0003
- Subject:
- Political Science, European Union
The previous chapter showed how transnational activity, the adjudication of the European Community (EC) law, and EC lawmaking had developed symbiotically to determine much of what is important about ...
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The previous chapter showed how transnational activity, the adjudication of the European Community (EC) law, and EC lawmaking had developed symbiotically to determine much of what is important about European integration. This chapter provides a more detailed sectoral account of how the adjudication of one class of trading disputes gradually, but authoritatively, undermined the intergovernmental aspects of the EC, while enhancing the polity's supranational, or federal, character. Assesses the impact of adjudicating the freer movement of goods provisions of the Treaty of Rome on integration and supranational governance, focusing on the problem of non‐tariff barriers, as governed by Arts. 28–30 (EC). Proceeds as follows: first, the treaty rules on intra‐EC trade are examined, hypotheses derived about how the domain could be expected to evolve, and the argument advanced is contrasted with alternatives; second, in a section ‘Judicial Governance and Market‐Building’, the emergence is tracked of the basic doctrinal framework (the Dassonville framework) governing the domain, an analysis made of the aggregate data on adjudication in the sector, and the impact traced of the European Court of Justice's case law on the decision‐making of other actors, including the European Commission and Member State governments; third, the mutation of the framework that occurred in the 1990s is discussed – an event that was heavily conditioned by the endogenous development of the law itself; the chapter concludes with an assessment of the findings in light of the pertinent scholarly debates about the impact of the European legal system on the greater course of market‐building and political integration.Less
The previous chapter showed how transnational activity, the adjudication of the European Community (EC) law, and EC lawmaking had developed symbiotically to determine much of what is important about European integration. This chapter provides a more detailed sectoral account of how the adjudication of one class of trading disputes gradually, but authoritatively, undermined the intergovernmental aspects of the EC, while enhancing the polity's supranational, or federal, character. Assesses the impact of adjudicating the freer movement of goods provisions of the Treaty of Rome on integration and supranational governance, focusing on the problem of non‐tariff barriers, as governed by Arts. 28–30 (EC). Proceeds as follows: first, the treaty rules on intra‐EC trade are examined, hypotheses derived about how the domain could be expected to evolve, and the argument advanced is contrasted with alternatives; second, in a section ‘Judicial Governance and Market‐Building’, the emergence is tracked of the basic doctrinal framework (the Dassonville framework) governing the domain, an analysis made of the aggregate data on adjudication in the sector, and the impact traced of the European Court of Justice's case law on the decision‐making of other actors, including the European Commission and Member State governments; third, the mutation of the framework that occurred in the 1990s is discussed – an event that was heavily conditioned by the endogenous development of the law itself; the chapter concludes with an assessment of the findings in light of the pertinent scholarly debates about the impact of the European legal system on the greater course of market‐building and political integration.
E. H. H. GREEN
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780198205937
- eISBN:
- 9780191717116
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205937.003.0004
- Subject:
- History, Political History
This chapter outlines perhaps the fullest, earliest Conservative response to Keynes through the ideas of the Conservative politician Arthur Steel–Maitland. These evolved from the time of his ...
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This chapter outlines perhaps the fullest, earliest Conservative response to Keynes through the ideas of the Conservative politician Arthur Steel–Maitland. These evolved from the time of his involvement in the pre-1914 tariff debate as a member of the Confederacy, the Compatriots Club, and the Unionist Social Reform Committee, through his engagement with the ‘new economics’ of the inter-war years. Steel–Maitland's ideas on tariff reform, constructive imperialism, social reform, industrial relations, state intervention, the ‘slump’ and mass unemployment are reviewed.Less
This chapter outlines perhaps the fullest, earliest Conservative response to Keynes through the ideas of the Conservative politician Arthur Steel–Maitland. These evolved from the time of his involvement in the pre-1914 tariff debate as a member of the Confederacy, the Compatriots Club, and the Unionist Social Reform Committee, through his engagement with the ‘new economics’ of the inter-war years. Steel–Maitland's ideas on tariff reform, constructive imperialism, social reform, industrial relations, state intervention, the ‘slump’ and mass unemployment are reviewed.
Douglas A. Irwin
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691150321
- eISBN:
- 9781400838394
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691150321.003.0005
- Subject:
- Economics and Finance, Economic History
This chapter assesses the aftermath and legacy of the Smoot–Hawley tariff. Smoot–Hawley gave congressional trade policy making a bad name that persists to this day. Those who enacted it promised ...
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This chapter assesses the aftermath and legacy of the Smoot–Hawley tariff. Smoot–Hawley gave congressional trade policy making a bad name that persists to this day. Those who enacted it promised economic growth and prosperity, but it was followed instead by plummeting exports and depression. The Tariff Act of 1930, the formal name of the Smoot–Hawley tariff, was the last general tariff revision undertaken by Congress. Four years later, Congress ushered in a new era of U.S. trade policy by delegating power to the president to negotiate agreements with other countries to reduce tariffs. This approach gave the United States its current system, embodied in the General Agreement on Tariffs and Trade and its successor, the World Trade Organization. Yet the lessons of Smoot–Hawley continue to be debated whenever trade policy issues rise to the top of the national agenda.Less
This chapter assesses the aftermath and legacy of the Smoot–Hawley tariff. Smoot–Hawley gave congressional trade policy making a bad name that persists to this day. Those who enacted it promised economic growth and prosperity, but it was followed instead by plummeting exports and depression. The Tariff Act of 1930, the formal name of the Smoot–Hawley tariff, was the last general tariff revision undertaken by Congress. Four years later, Congress ushered in a new era of U.S. trade policy by delegating power to the president to negotiate agreements with other countries to reduce tariffs. This approach gave the United States its current system, embodied in the General Agreement on Tariffs and Trade and its successor, the World Trade Organization. Yet the lessons of Smoot–Hawley continue to be debated whenever trade policy issues rise to the top of the national agenda.
Gautam Sen
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199261437
- eISBN:
- 9780191599309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199261431.003.0006
- Subject:
- Political Science, International Relations and Politics
An examination is made of the relationship between the US and the General Agreement on Tariffs and Trade (GATT), and its successor, the World Trade Organization, addressing the crucial question of ...
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An examination is made of the relationship between the US and the General Agreement on Tariffs and Trade (GATT), and its successor, the World Trade Organization, addressing the crucial question of the likelihood that the US will exit, or through its behaviour undermine, the multilateral trade organization in favour of regional or bilateral alternatives. It is concluded that the probability of a US‐inspired weakening of the WTO is low, although the incentives for protectionism in the US are strong and growing as a result of globalization and the changing international division of labour. The US domestic political system gives voice to such protectionist interests in international trade policy through a set of administrative and legal remedies that are reinforced by principles such as reciprocity and ‘fair trade’. Countervailing factors to this situation include the growing power of US export interests, the effectiveness of the Executive in deflecting the protectionist tendencies in the US Congress, and the exceptional power and influence of the US over the multilateral regime, in which it is a rule maker rather than a rule taker, enjoying the power to bend the rules selectively to serve its interests. As such, the WTO tends to reflect and reinforce US economic interests, and the US is, therefore, likely to continue in overall terms its efforts to comply with and generally strengthen the multilateral organization, rather than to break away from it.Less
An examination is made of the relationship between the US and the General Agreement on Tariffs and Trade (GATT), and its successor, the World Trade Organization, addressing the crucial question of the likelihood that the US will exit, or through its behaviour undermine, the multilateral trade organization in favour of regional or bilateral alternatives. It is concluded that the probability of a US‐inspired weakening of the WTO is low, although the incentives for protectionism in the US are strong and growing as a result of globalization and the changing international division of labour. The US domestic political system gives voice to such protectionist interests in international trade policy through a set of administrative and legal remedies that are reinforced by principles such as reciprocity and ‘fair trade’. Countervailing factors to this situation include the growing power of US export interests, the effectiveness of the Executive in deflecting the protectionist tendencies in the US Congress, and the exceptional power and influence of the US over the multilateral regime, in which it is a rule maker rather than a rule taker, enjoying the power to bend the rules selectively to serve its interests. As such, the WTO tends to reflect and reinforce US economic interests, and the US is, therefore, likely to continue in overall terms its efforts to comply with and generally strengthen the multilateral organization, rather than to break away from it.
Gautam Sen
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198295518
- eISBN:
- 9780191599217
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295510.003.0004
- Subject:
- Political Science, International Relations and Politics
The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the ...
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The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the 1970s, and the political impact of the ending of the cold war. The next section addresses the key issues of liberalization and globalization, which preceded the end of the cold war but are now influenced by that event. The next section identifies the deepening of liberalization and globalization, and the phenomenon of regional integration and asymmetric competition between developed and developing countries. A more detailed discussion of two important expressions of liberalization and globalization follows, in the context of the political implications for developing countries: these are the importance of structural adjustment programmes for the advance of the new market forms and their associated ideology, and the GATT Uruguay Round of trade negotiations. The two final sections of the chapter evaluate the use of political power by developed countries to achieve economic ends, and a concluding section assesses the possible future pattern of interaction between developed and developing countries.Less
The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the 1970s, and the political impact of the ending of the cold war. The next section addresses the key issues of liberalization and globalization, which preceded the end of the cold war but are now influenced by that event. The next section identifies the deepening of liberalization and globalization, and the phenomenon of regional integration and asymmetric competition between developed and developing countries. A more detailed discussion of two important expressions of liberalization and globalization follows, in the context of the political implications for developing countries: these are the importance of structural adjustment programmes for the advance of the new market forms and their associated ideology, and the GATT Uruguay Round of trade negotiations. The two final sections of the chapter evaluate the use of political power by developed countries to achieve economic ends, and a concluding section assesses the possible future pattern of interaction between developed and developing countries.
Lawrence Mills
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9789888083985
- eISBN:
- 9789882209084
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888083985.001.0001
- Subject:
- Economics and Finance, South and East Asia
Protecting Free Trade is the story of a paradox that both limited and stimulated Hong Kong’s post-war economy. In order to preserve its access to open markets, Hong Kong was obligated by ...
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Protecting Free Trade is the story of a paradox that both limited and stimulated Hong Kong’s post-war economy. In order to preserve its access to open markets, Hong Kong was obligated by international agreements to accept restraints on its exports; and in order to sustain growth, Hong Kong had to subject its largest industry — textiles — to a massive network of restrictions. Protecting Free Trade examines how Hong Kong handled, by negotiation, attempts by developed economies to limit international trade through protective measures. The central argument is that, far from stifling Hong Kong’s industry, restrictive international trade agreements were the stimulus for economic success by creating a sellers’ market in which Hong Kong was the dominant supplier. Lawrence Mills was deeply involved in many of the critical economic issues that Hong Kong faced in the 50 years leading up to its return to China in 1997. In Protecting Free Trade he examines the constitutional paradox of Britain's international responsibility for, but different trading interests from, Hong Kong. He explains why, for the strategic defence of its interests, Hong Kong depended on international trade arrangements and bilateral restraint agreements. Protecting Free Trade also examines the role of the Commerce and Industry Department, which Mills headed, and of its principal advisory boards. It details the bureaucratic systems, including controversial quota controls, that were necessary to give Hong Kong’s businessmen stability and room for manoeuvre in fast-evolving markets.Less
Protecting Free Trade is the story of a paradox that both limited and stimulated Hong Kong’s post-war economy. In order to preserve its access to open markets, Hong Kong was obligated by international agreements to accept restraints on its exports; and in order to sustain growth, Hong Kong had to subject its largest industry — textiles — to a massive network of restrictions. Protecting Free Trade examines how Hong Kong handled, by negotiation, attempts by developed economies to limit international trade through protective measures. The central argument is that, far from stifling Hong Kong’s industry, restrictive international trade agreements were the stimulus for economic success by creating a sellers’ market in which Hong Kong was the dominant supplier. Lawrence Mills was deeply involved in many of the critical economic issues that Hong Kong faced in the 50 years leading up to its return to China in 1997. In Protecting Free Trade he examines the constitutional paradox of Britain's international responsibility for, but different trading interests from, Hong Kong. He explains why, for the strategic defence of its interests, Hong Kong depended on international trade arrangements and bilateral restraint agreements. Protecting Free Trade also examines the role of the Commerce and Industry Department, which Mills headed, and of its principal advisory boards. It details the bureaucratic systems, including controversial quota controls, that were necessary to give Hong Kong’s businessmen stability and room for manoeuvre in fast-evolving markets.
Douglas A. Irwin
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691150321
- eISBN:
- 9781400838394
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691150321.001.0001
- Subject:
- Economics and Finance, Economic History
The Smoot–Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed ...
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The Smoot–Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed for—the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. This book provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. The book presents an authoritative account of the politics behind Smoot–Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free for all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot–Hawley was hardly responsible for the Great Depression, the book argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. The book tells a fascinating story filled with valuable lessons for trade policy today.Less
The Smoot–Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed for—the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. This book provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. The book presents an authoritative account of the politics behind Smoot–Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free for all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot–Hawley was hardly responsible for the Great Depression, the book argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. The book tells a fascinating story filled with valuable lessons for trade policy today.
Gary Herrigel
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199557738
- eISBN:
- 9780191720871
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557738.003.0004
- Subject:
- Business and Management, Political Economy
The chapter compares emergence of minimills in Germany, Japan and the US, along with the recomposition of the Integrated Steel Mill sector. Steel production as an industrial activity in each of the ...
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The chapter compares emergence of minimills in Germany, Japan and the US, along with the recomposition of the Integrated Steel Mill sector. Steel production as an industrial activity in each of the societies, especially in the United States, is radically reconceived, but continues to be successful in each country. Again, in contrast to the claims of Varieties of Capitalism, the American steel industry proves adept at both gradual and radical innovation, as do the German and Japanese industries.Less
The chapter compares emergence of minimills in Germany, Japan and the US, along with the recomposition of the Integrated Steel Mill sector. Steel production as an industrial activity in each of the societies, especially in the United States, is radically reconceived, but continues to be successful in each country. Again, in contrast to the claims of Varieties of Capitalism, the American steel industry proves adept at both gradual and radical innovation, as do the German and Japanese industries.
Michelle P. Egan
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199244058
- eISBN:
- 9780191599132
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199244057.003.0001
- Subject:
- Political Science, European Union
Focuses on the efforts to create a single market in Europe in the post‐war period, a process with many similarities to the creation of a single market in the US. Drawing on this historical ...
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Focuses on the efforts to create a single market in Europe in the post‐war period, a process with many similarities to the creation of a single market in the US. Drawing on this historical comparison, the European Union has sought to foster the removal of barriers to trade through sustained regulatory intervention, acknowledging that markets are never self‐organized but always operate within a political and legal framework. Even though the single market was conceptualized as an economic project, the political and institutional design of the market is important in understanding the governance structures needed to shape the single market. In addressing the political economy of regulation, this chapter argues that three factors are crucially important to understanding why the regulatory role of the European Union is central to explaining the construction of a European market: (1) the need to limit the ability of member states to exercise regulatory sovereignty; (2) the role of law in striking down mercantilistic economic regulation and freeing consequent market activity of many non‐tariff barriers; and (3) using private non‐state actors to achieve their objectives, by delegating certain regulatory functions to the private sector and promoting self‐regulation as an alternative mode of economic governance.Less
Focuses on the efforts to create a single market in Europe in the post‐war period, a process with many similarities to the creation of a single market in the US. Drawing on this historical comparison, the European Union has sought to foster the removal of barriers to trade through sustained regulatory intervention, acknowledging that markets are never self‐organized but always operate within a political and legal framework. Even though the single market was conceptualized as an economic project, the political and institutional design of the market is important in understanding the governance structures needed to shape the single market. In addressing the political economy of regulation, this chapter argues that three factors are crucially important to understanding why the regulatory role of the European Union is central to explaining the construction of a European market: (1) the need to limit the ability of member states to exercise regulatory sovereignty; (2) the role of law in striking down mercantilistic economic regulation and freeing consequent market activity of many non‐tariff barriers; and (3) using private non‐state actors to achieve their objectives, by delegating certain regulatory functions to the private sector and promoting self‐regulation as an alternative mode of economic governance.
Michelle P. Egan
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199244058
- eISBN:
- 9780191599132
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199244057.003.0003
- Subject:
- Political Science, European Union
Focuses on the costs of market fragmentation in Europe. It reviews the economic impact of removing barriers to trade as a result of divergent national standards, testing, and certification ...
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Focuses on the costs of market fragmentation in Europe. It reviews the economic impact of removing barriers to trade as a result of divergent national standards, testing, and certification requirements. Ranked by business as the most important barrier to trade, these domestic regulations can prevent firms from engaging in cross‐border competition and hinder market access. Like other forms of trade protection, such non‐tariff barriers impact the importing country through higher domestic prices, higher cost margins and productive inefficiencies. This chapter also highlights the impact of trade barriers on firm strategies, and provides some empirical evidence of the benefits expected to accrue from market integration.Less
Focuses on the costs of market fragmentation in Europe. It reviews the economic impact of removing barriers to trade as a result of divergent national standards, testing, and certification requirements. Ranked by business as the most important barrier to trade, these domestic regulations can prevent firms from engaging in cross‐border competition and hinder market access. Like other forms of trade protection, such non‐tariff barriers impact the importing country through higher domestic prices, higher cost margins and productive inefficiencies. This chapter also highlights the impact of trade barriers on firm strategies, and provides some empirical evidence of the benefits expected to accrue from market integration.
Alec Stone Sweet
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199256488
- eISBN:
- 9780191600234
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199256489.003.0002
- Subject:
- Political Science, Comparative Politics
This paper, which was originally published in the journal Comparative Political Studies in 1999, is the second of two that elaborate a relatively general approach to judicial politics, which ...
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This paper, which was originally published in the journal Comparative Political Studies in 1999, is the second of two that elaborate a relatively general approach to judicial politics, which emphasizes the underlying social logics not just of law and courts but also of politics and government. The triad – two contracting parties and a dispute resolver – constitutes a primal social institution, a microcosm of governance, so in uncovering the institutional dynamics of the triad an essential logic of government itself is also uncovered; the objectives of this paper are to defend the validity of these contentions and to demonstrate their centrality to the discipline. After introducing the key concepts of dyad, triad, and normative structure, a model is presented of a particular mode of governance, i.e. the social mechanism by which the rules in place in any given community are adapted to the experiences and exigencies of those who live under them. The theory integrates, as interdependent factors, the evolution of strategic (utility-maximizing) behaviour and normative (cultural or rule-based) structure, and captures dynamics of change observable at both the micro level (the behaviour of individual actors), and the macro level (the institutional environment, or social structure, in which this behaviour takes place); the mechanisms of change that are endogenous to the model are specified, and the conditions under which these mechanisms would be expected to operate, and fail to operate, are identified. The model is then used to explain two hard cases of systemic change: the international trade regime, established by the 1947 General Agreement on Tariffs and Trade (GATT); and the French Fifth Republic, founded in 1958; the conclusion draws out some of the implications of the analysis for understanding of the complex relationship between strategic behaviour and social structure.Less
This paper, which was originally published in the journal Comparative Political Studies in 1999, is the second of two that elaborate a relatively general approach to judicial politics, which emphasizes the underlying social logics not just of law and courts but also of politics and government. The triad – two contracting parties and a dispute resolver – constitutes a primal social institution, a microcosm of governance, so in uncovering the institutional dynamics of the triad an essential logic of government itself is also uncovered; the objectives of this paper are to defend the validity of these contentions and to demonstrate their centrality to the discipline. After introducing the key concepts of dyad, triad, and normative structure, a model is presented of a particular mode of governance, i.e. the social mechanism by which the rules in place in any given community are adapted to the experiences and exigencies of those who live under them. The theory integrates, as interdependent factors, the evolution of strategic (utility-maximizing) behaviour and normative (cultural or rule-based) structure, and captures dynamics of change observable at both the micro level (the behaviour of individual actors), and the macro level (the institutional environment, or social structure, in which this behaviour takes place); the mechanisms of change that are endogenous to the model are specified, and the conditions under which these mechanisms would be expected to operate, and fail to operate, are identified. The model is then used to explain two hard cases of systemic change: the international trade regime, established by the 1947 General Agreement on Tariffs and Trade (GATT); and the French Fifth Republic, founded in 1958; the conclusion draws out some of the implications of the analysis for understanding of the complex relationship between strategic behaviour and social structure.
E. H. H. GREEN
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780198205937
- eISBN:
- 9780191717116
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205937.003.0002
- Subject:
- History, Political History
This chapter examines the political economy of the Edwardian Conservative leader Arthur Balfour, and seeks to open new vistas on the complexities and nuances of the tariff reform versus free trade ...
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This chapter examines the political economy of the Edwardian Conservative leader Arthur Balfour, and seeks to open new vistas on the complexities and nuances of the tariff reform versus free trade debate that dominated Conservative politics in the first decade of the century. It is argued that Balfour developed his own conception of tariff reform, based on his acceptance of the ideas of historical economists and his earlier espousal of bimetallism. He favoured the use of retaliation rather than the full-blown protectionism and imperial preference championed by Joseph Chamberlain that came to dominate Conservative thinking. Balfour's lack of belief in this version of tariff reform resulted in a seeming want of conviction in the debate, which led to persistent criticism of his leadership and his eventual resignation in 1911.Less
This chapter examines the political economy of the Edwardian Conservative leader Arthur Balfour, and seeks to open new vistas on the complexities and nuances of the tariff reform versus free trade debate that dominated Conservative politics in the first decade of the century. It is argued that Balfour developed his own conception of tariff reform, based on his acceptance of the ideas of historical economists and his earlier espousal of bimetallism. He favoured the use of retaliation rather than the full-blown protectionism and imperial preference championed by Joseph Chamberlain that came to dominate Conservative thinking. Balfour's lack of belief in this version of tariff reform resulted in a seeming want of conviction in the debate, which led to persistent criticism of his leadership and his eventual resignation in 1911.
J. H. H. Weiler (ed.)
- Published in print:
- 2001
- Published Online:
- January 2010
- ISBN:
- 9780199248124
- eISBN:
- 9780191714863
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199248124.001.0001
- Subject:
- Law, EU Law
The starting point of this book is the coexistence of the overlapping regimes of the World Trade Organisation (WTO), the European Union (EU), and the North American Free Trade Agreement (NAFTA). On ...
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The starting point of this book is the coexistence of the overlapping regimes of the World Trade Organisation (WTO), the European Union (EU), and the North American Free Trade Agreement (NAFTA). On this basis, it explores the emergence of a nascent common law of international trade. This exploration is rooted in three phenomena: Firstly, the fact that the very same regulatory measure may come simultaneously within the jurisdictional reach of more than one trade regime and may even be adjudicated simultaneously. Some regimes offer alternatives. The NAFTA, for example, offers the General Agreement on Tariffs and Trade (GATT) dispute resolution as an option for many of its own disputes. Second is the convergence in the material law of the disparate international trade regimes. This, of course, is the heart of the emergent Common Law. Third is the strengthening of private parties in all regimes. Once a preserve of the EU, the NAFTA allows private party dispute resolution of different types in relation to various matters and in the case of the WTO, although it is still an intergovernmental preserve, private actors are learning to manipulate the system. This volume, built on a recent series of courses at the Academy of European Law, is a reflection of this conviction. The various contributions deal with discrete areas — in the double sense — of the international trading system but each placing considerable emphasis on the interlocking nature of the various components of that system.Less
The starting point of this book is the coexistence of the overlapping regimes of the World Trade Organisation (WTO), the European Union (EU), and the North American Free Trade Agreement (NAFTA). On this basis, it explores the emergence of a nascent common law of international trade. This exploration is rooted in three phenomena: Firstly, the fact that the very same regulatory measure may come simultaneously within the jurisdictional reach of more than one trade regime and may even be adjudicated simultaneously. Some regimes offer alternatives. The NAFTA, for example, offers the General Agreement on Tariffs and Trade (GATT) dispute resolution as an option for many of its own disputes. Second is the convergence in the material law of the disparate international trade regimes. This, of course, is the heart of the emergent Common Law. Third is the strengthening of private parties in all regimes. Once a preserve of the EU, the NAFTA allows private party dispute resolution of different types in relation to various matters and in the case of the WTO, although it is still an intergovernmental preserve, private actors are learning to manipulate the system. This volume, built on a recent series of courses at the Academy of European Law, is a reflection of this conviction. The various contributions deal with discrete areas — in the double sense — of the international trading system but each placing considerable emphasis on the interlocking nature of the various components of that system.
Alok Kumar and Sushanta K. Chatterjee
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780198082279
- eISBN:
- 9780199082063
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198082279.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter provides a historical perspective on tariff regulation in the electricity sector in India. It describes how the responsibility of tariff fixation has moved from the government or ...
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This chapter provides a historical perspective on tariff regulation in the electricity sector in India. It describes how the responsibility of tariff fixation has moved from the government or government-owned organizations to an independent regulator over the years. It also explains the rationale behind distancing of the government from tariff regulations. The concepts of cost-plus tariff regulation and price cap regulation have been explained. In this backdrop, tariff philosophy under the new Act has been presented while, at the same time, critically examining the gap between this philosophy and tariff regulation in practice. The analysis covers the regulation of tariff by the Central Commission as well as by the State Commissions before presenting the way forward in this regard.Less
This chapter provides a historical perspective on tariff regulation in the electricity sector in India. It describes how the responsibility of tariff fixation has moved from the government or government-owned organizations to an independent regulator over the years. It also explains the rationale behind distancing of the government from tariff regulations. The concepts of cost-plus tariff regulation and price cap regulation have been explained. In this backdrop, tariff philosophy under the new Act has been presented while, at the same time, critically examining the gap between this philosophy and tariff regulation in practice. The analysis covers the regulation of tariff by the Central Commission as well as by the State Commissions before presenting the way forward in this regard.
Christel Lane and Jocelyn Probert
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199214815
- eISBN:
- 9780191721779
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199214815.003.0005
- Subject:
- Business and Management, International Business, Political Economy
This chapter shows how trade regulations and the global and regional institutions within which they are framed have distinctively shaped the textile and clothing industry for almost fifty years. It ...
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This chapter shows how trade regulations and the global and regional institutions within which they are framed have distinctively shaped the textile and clothing industry for almost fifty years. It reviews the quantitative restrictions imposed by the Multi-Fibre Arrangements (MFA) and the Agreement on Textiles and Clothing (ATC) until their expiry on 31 December 2004; the principal agreements on preferential access that govern tariff rates between the US or the EU on the one hand and their T/C trading partners on the other; and the highly complex pattern of rules of origin that shape the flow of component parts along the various stages of the clothing value chain.Less
This chapter shows how trade regulations and the global and regional institutions within which they are framed have distinctively shaped the textile and clothing industry for almost fifty years. It reviews the quantitative restrictions imposed by the Multi-Fibre Arrangements (MFA) and the Agreement on Textiles and Clothing (ATC) until their expiry on 31 December 2004; the principal agreements on preferential access that govern tariff rates between the US or the EU on the one hand and their T/C trading partners on the other; and the highly complex pattern of rules of origin that shape the flow of component parts along the various stages of the clothing value chain.
