Jagdish Bhagwati
- Published in print:
- 2008
- Published Online:
- October 2011
- ISBN:
- 9780195331653
- eISBN:
- 9780199851850
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195331653.001.0001
- Subject:
- Economics and Finance, International
This book shines a critical light on preferential trade agreements (PTAs), revealing how the rapid spread of PTAs endangers the world trading system. Numbering by now well over 300, and rapidly ...
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This book shines a critical light on preferential trade agreements (PTAs), revealing how the rapid spread of PTAs endangers the world trading system. Numbering by now well over 300, and rapidly increasing, these preferential trade agreements, many taking the form of free trade agreements, have re-created the unhappy situation of the 1930s, when world trade was undermined by discriminatory practices. Whereas this was the result of protectionism in those days, ironically it is a result of misdirected pursuit of free trade via PTAs today. The world trading system is at risk again, the author argues, and the danger is palpable. Writing with his customary wit, panache and elegance, the author documents the growth of these PTAs, the reasons for their proliferation, and their deplorable consequences which include the near-destruction of the non-discrimination which was at the heart of the postwar trade architecture and its replacement by what he has called the spaghetti bowl of a maze of preferences. The author also documents how PTAs have undermined the prospects for multilateral freeing of trade, serving as stumbling blocks, instead of building blocks, for the objective of reaching multilateral free trade. In short, the author cogently demonstrates why PTAs are “Termites in the Trading System.”Less
This book shines a critical light on preferential trade agreements (PTAs), revealing how the rapid spread of PTAs endangers the world trading system. Numbering by now well over 300, and rapidly increasing, these preferential trade agreements, many taking the form of free trade agreements, have re-created the unhappy situation of the 1930s, when world trade was undermined by discriminatory practices. Whereas this was the result of protectionism in those days, ironically it is a result of misdirected pursuit of free trade via PTAs today. The world trading system is at risk again, the author argues, and the danger is palpable. Writing with his customary wit, panache and elegance, the author documents the growth of these PTAs, the reasons for their proliferation, and their deplorable consequences which include the near-destruction of the non-discrimination which was at the heart of the postwar trade architecture and its replacement by what he has called the spaghetti bowl of a maze of preferences. The author also documents how PTAs have undermined the prospects for multilateral freeing of trade, serving as stumbling blocks, instead of building blocks, for the objective of reaching multilateral free trade. In short, the author cogently demonstrates why PTAs are “Termites in the Trading System.”
Ruben Lee
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297048
- eISBN:
- 9780191685309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297048.003.0012
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
This chapter addresses the issue of how trading systems should be classified and governed. The chapter is composed of three sections. In the first, the criteria that the Securities and Exchange ...
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This chapter addresses the issue of how trading systems should be classified and governed. The chapter is composed of three sections. In the first, the criteria that the Securities and Exchange Commission (SEC) has historically used to identify whether a trading system should be classified as an exchange or a broker are evaluated. In the second, various flaws with the exchange/broker distinction are identified and discussed. In the third section, various alternative approaches to regulating exchanges and trading systems, including the newest suggestions by the SEC, are analyzed. A joint approach of separating the regulation of market structure from the regulation of other areas of public concern, and of employing competition policy to regulate market structure, is recommended as the best way of classifying and regulating trading systems.Less
This chapter addresses the issue of how trading systems should be classified and governed. The chapter is composed of three sections. In the first, the criteria that the Securities and Exchange Commission (SEC) has historically used to identify whether a trading system should be classified as an exchange or a broker are evaluated. In the second, various flaws with the exchange/broker distinction are identified and discussed. In the third section, various alternative approaches to regulating exchanges and trading systems, including the newest suggestions by the SEC, are analyzed. A joint approach of separating the regulation of market structure from the regulation of other areas of public concern, and of employing competition policy to regulate market structure, is recommended as the best way of classifying and regulating trading systems.
Bernard M. Hoekman and Michel M. Kostecki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198294313
- eISBN:
- 9780191596445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829431X.003.0002
- Subject:
- Economics and Finance, International
Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and ...
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Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and the challenges that confront it. The sections of the chapter are as follows: Trade and global integration; Trade and trade agreements in history; Functions of the multilateral trading system; From GATT (General Agreement on Tariffs and Trade) to WTO (World Trade Organization); and The challenge of global cooperation.Less
Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and the challenges that confront it. The sections of the chapter are as follows: Trade and global integration; Trade and trade agreements in history; Functions of the multilateral trading system; From GATT (General Agreement on Tariffs and Trade) to WTO (World Trade Organization); and The challenge of global cooperation.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0014
- Subject:
- Economics and Finance, Economic History, Financial Economics
The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in ...
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The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in importance within the British financial system and faced increasing competition from rival foreign stock exchanges. This chapter discusses the reasons for this, starting in the first section with relations with government, since one uncertainty was the level of freedom from government control that the Stock Exchange was to enjoy. With the disappearance of the Stock Exchange's quasi‐official status in the 1990s, there still remained doubts over the role that it had to play in the area of securities market supervision, and the next section of the chapter discusses this situation, the effect of the changing nature of its membership, the disaster over settlement services (the replacement of the successful TALISMAN (Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers) by TAURUS (Transfer and Automated Registration of Uncertificated Stock) and the subsequent failure of TAURUS), and the eventual successful replacement of the SEAQ (Stock Exchange Automated Quotations) trading system by the SEQUENCE trading system from 1993 onwards. The third section of the chapter looks at the provision of the market, and the fact that with the proposed introduction of specialists or sole traders in 1992, the Stock Exchange had once again been brought to the attention of the Office of Fair Trading; competition was also forcing a re‐examination of the way the Stock Exchange's market was organized, and this resulted in the introduction in 1997 of order‐driven trading in the form of SETS (Stock Exchange Trading Service); this section also looks at the abandonment of the traded options market to LIFFE (London International Financials Futures Exchange) and of any pretensions to the futures market, the decline of the USM (Unlisted Securities Market) and its replacement by AIM (Alternative Investment Market), negotiations with various foreign stock markets, and the changing investment environment. The last part of the chapter looks specifically at the changing membership of the Stock Exchange.Less
The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in importance within the British financial system and faced increasing competition from rival foreign stock exchanges. This chapter discusses the reasons for this, starting in the first section with relations with government, since one uncertainty was the level of freedom from government control that the Stock Exchange was to enjoy. With the disappearance of the Stock Exchange's quasi‐official status in the 1990s, there still remained doubts over the role that it had to play in the area of securities market supervision, and the next section of the chapter discusses this situation, the effect of the changing nature of its membership, the disaster over settlement services (the replacement of the successful TALISMAN (Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers) by TAURUS (Transfer and Automated Registration of Uncertificated Stock) and the subsequent failure of TAURUS), and the eventual successful replacement of the SEAQ (Stock Exchange Automated Quotations) trading system by the SEQUENCE trading system from 1993 onwards. The third section of the chapter looks at the provision of the market, and the fact that with the proposed introduction of specialists or sole traders in 1992, the Stock Exchange had once again been brought to the attention of the Office of Fair Trading; competition was also forcing a re‐examination of the way the Stock Exchange's market was organized, and this resulted in the introduction in 1997 of order‐driven trading in the form of SETS (Stock Exchange Trading Service); this section also looks at the abandonment of the traded options market to LIFFE (London International Financials Futures Exchange) and of any pretensions to the futures market, the decline of the USM (Unlisted Securities Market) and its replacement by AIM (Alternative Investment Market), negotiations with various foreign stock markets, and the changing investment environment. The last part of the chapter looks specifically at the changing membership of the Stock Exchange.
Ruben Lee
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297048
- eISBN:
- 9780191685309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297048.003.0011
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
This chapter examines various key issues concerning information and competition. The chapter is composed of three sections. The first presents some general comments on the nature and role of ...
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This chapter examines various key issues concerning information and competition. The chapter is composed of three sections. The first presents some general comments on the nature and role of regulation in financial markets, and in particular on the function that competition policy should play in the regulation of exchanges and trading systems. In the next two sections two broad questions are addressed: Should the dissemination of price and quote information be mandated by regulation? How, if at all, should the price of such information be regulated?Less
This chapter examines various key issues concerning information and competition. The chapter is composed of three sections. The first presents some general comments on the nature and role of regulation in financial markets, and in particular on the function that competition policy should play in the regulation of exchanges and trading systems. In the next two sections two broad questions are addressed: Should the dissemination of price and quote information be mandated by regulation? How, if at all, should the price of such information be regulated?
Ruben Lee
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297048
- eISBN:
- 9780191685309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297048.003.0007
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
This chapter examines laws and regulations that specify how trading systems should be classified, and how those elements of their market structure, apart from the dissemination of their prices and ...
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This chapter examines laws and regulations that specify how trading systems should be classified, and how those elements of their market structure, apart from the dissemination of their prices and quotes, should be controlled. The chapter is composed of three sections. The first outlines American laws and regulations which affect trading systems and exchanges in the securities markets. The second describes the relevant British laws and regulations. The third section summarizes relevant European Union laws.Less
This chapter examines laws and regulations that specify how trading systems should be classified, and how those elements of their market structure, apart from the dissemination of their prices and quotes, should be controlled. The chapter is composed of three sections. The first outlines American laws and regulations which affect trading systems and exchanges in the securities markets. The second describes the relevant British laws and regulations. The third section summarizes relevant European Union laws.
Kent Jones
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195378825
- eISBN:
- 9780199852598
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195378825.003.0006
- Subject:
- Economics and Finance, Economic Systems
The ability of developing countries to comply with the new requirements of trade liberalization is questioned because developing countries are known to lack trade and trade policy infrastructure. ...
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The ability of developing countries to comply with the new requirements of trade liberalization is questioned because developing countries are known to lack trade and trade policy infrastructure. Coherence, in the context of trade liberalization, refers to the external support from both private and government organizations and agencies to advocate “aid for trade” programs, capacity-building endeavors, and other such measures that promote an improved trading system. The three areas in which support is required include: preparing new members of the WTO for accession; effective member representation in legal matters and trade negotiations; and the capability of members to act in accordance with the new governmental regulatory and technical capacity rules. With this, the chapter makes use of comparative advantage in analyzing coherence issues.Less
The ability of developing countries to comply with the new requirements of trade liberalization is questioned because developing countries are known to lack trade and trade policy infrastructure. Coherence, in the context of trade liberalization, refers to the external support from both private and government organizations and agencies to advocate “aid for trade” programs, capacity-building endeavors, and other such measures that promote an improved trading system. The three areas in which support is required include: preparing new members of the WTO for accession; effective member representation in legal matters and trade negotiations; and the capability of members to act in accordance with the new governmental regulatory and technical capacity rules. With this, the chapter makes use of comparative advantage in analyzing coherence issues.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0012
- Subject:
- Economics and Finance, Economic History, Financial Economics
The first section of this chapter outlines the growing threats to the London Stock Exchange through the 1970s, including the ability of its members to block new proposals by the Council of the Stock ...
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The first section of this chapter outlines the growing threats to the London Stock Exchange through the 1970s, including the ability of its members to block new proposals by the Council of the Stock Exchange, the investigation by the Monopolies Commission into the various restrictive practices of the Stock Exchange, relations with and attitude of the government, the formation of the Council of the Securities Industry (CSI), which was to take over responsibility for the Stock Exchange and other components of the securities market. The second section of the chapter discusses the limited responses of the Stock Exchange to these threats. The next two sections discuss technology and competition (from computerized trading systems), and change among the members (mergers, which resulted in a disproportionately large number of large firms as members, and a loss in numbers of jobbers). The last section looks at market opportunities––domestic corporate securities, government debt securities, loss of the foreign securities, traded options, the collapse of the securities market in 1974, and the by‐now limited role of the money market.Less
The first section of this chapter outlines the growing threats to the London Stock Exchange through the 1970s, including the ability of its members to block new proposals by the Council of the Stock Exchange, the investigation by the Monopolies Commission into the various restrictive practices of the Stock Exchange, relations with and attitude of the government, the formation of the Council of the Securities Industry (CSI), which was to take over responsibility for the Stock Exchange and other components of the securities market. The second section of the chapter discusses the limited responses of the Stock Exchange to these threats. The next two sections discuss technology and competition (from computerized trading systems), and change among the members (mergers, which resulted in a disproportionately large number of large firms as members, and a loss in numbers of jobbers). The last section looks at market opportunities––domestic corporate securities, government debt securities, loss of the foreign securities, traded options, the collapse of the securities market in 1974, and the by‐now limited role of the money market.
Kent Jones
- Published in print:
- 2004
- Published Online:
- September 2011
- ISBN:
- 9780195166163
- eISBN:
- 9780199849819
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195166163.003.0009
- Subject:
- Economics and Finance, Economic Systems
This chapter focuses on the interests of developing countries in the GATT/WTO system. In view of all the evidence, it should be clear that trade is important to developing countries and that their ...
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This chapter focuses on the interests of developing countries in the GATT/WTO system. In view of all the evidence, it should be clear that trade is important to developing countries and that their continued engagement in the global trading system is essential as a matter of development strategy.Less
This chapter focuses on the interests of developing countries in the GATT/WTO system. In view of all the evidence, it should be clear that trade is important to developing countries and that their continued engagement in the global trading system is essential as a matter of development strategy.
S. P. Shukla
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199254033
- eISBN:
- 9780191698187
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199254033.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter analyses the evolution of the international trading system from its inception as the General Agreement on Tariffs and Trade (GATT) in 1947 to its latest incarnation as the World Trade ...
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This chapter analyses the evolution of the international trading system from its inception as the General Agreement on Tariffs and Trade (GATT) in 1947 to its latest incarnation as the World Trade Organisation (WTO). It focuses on the adequacy or inadequacy of the system as it has evolved and functioned in an environment of changing international economic and political reality. It also attempts to grapple with the more difficult question of looking at the future prospects of the system, the strains it will need to face and subsequent changes that are called for in its approach, content, and functioning, taking into account the future governance needs of the world economy and polity. The chapter analyses the crisis that gripped the system in the 1980s and the denouement that followed at the conclusion of the Uruguay Round negotiations in 1994.Less
This chapter analyses the evolution of the international trading system from its inception as the General Agreement on Tariffs and Trade (GATT) in 1947 to its latest incarnation as the World Trade Organisation (WTO). It focuses on the adequacy or inadequacy of the system as it has evolved and functioned in an environment of changing international economic and political reality. It also attempts to grapple with the more difficult question of looking at the future prospects of the system, the strains it will need to face and subsequent changes that are called for in its approach, content, and functioning, taking into account the future governance needs of the world economy and polity. The chapter analyses the crisis that gripped the system in the 1980s and the denouement that followed at the conclusion of the Uruguay Round negotiations in 1994.
Robert Z. Lawrence
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199235889
- eISBN:
- 9780191717109
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235889.003.0006
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order ...
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This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order and whether China is seeking to establish an East Asian trading bloc that discriminates against nonparticipating countries. It is argued that concerns about a Fortress East Asia are misplaced. Both directly and through the induced reaction of other countries, China's bilateral agreements with regional partners could provide a powerful impetus to the process of competitive liberalization. Moreover, countries implementing agreements with China should find it relatively easy to open their markets to other developing countries.Less
This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order and whether China is seeking to establish an East Asian trading bloc that discriminates against nonparticipating countries. It is argued that concerns about a Fortress East Asia are misplaced. Both directly and through the induced reaction of other countries, China's bilateral agreements with regional partners could provide a powerful impetus to the process of competitive liberalization. Moreover, countries implementing agreements with China should find it relatively easy to open their markets to other developing countries.
Barbara Alemanni, Giuseppe Lusignani, and Marco Onado
- Published in print:
- 2006
- Published Online:
- January 2009
- ISBN:
- 9780199202911
- eISBN:
- 9780191707964
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199202911.003.0007
- Subject:
- Law, Company and Commercial Law
The integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system. This chapter shows why the issue of costs and ...
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The integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system. This chapter shows why the issue of costs and competition between different trading and post-trading systems is the key point of future integration. In particular, the analysis starts with the roadmap set by the European Commission and the evolution of the regulatory approach towards the integration of the trading and post-trading sectors. It then reviews the results of the research on the main issues related to the integration of securities markets and comments on the present situation. In addition, some original measures of the explicit costs of trading for all main European exchanges are presented, adopting a bottom-up approach, which allows a comparison of the prices paid by different investors for different sizes of trades. The debate on fragmentation of different European post-trading systems is also briefly reviewed. The chapter concludes with some policy implications.Less
The integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system. This chapter shows why the issue of costs and competition between different trading and post-trading systems is the key point of future integration. In particular, the analysis starts with the roadmap set by the European Commission and the evolution of the regulatory approach towards the integration of the trading and post-trading sectors. It then reviews the results of the research on the main issues related to the integration of securities markets and comments on the present situation. In addition, some original measures of the explicit costs of trading for all main European exchanges are presented, adopting a bottom-up approach, which allows a comparison of the prices paid by different investors for different sizes of trades. The debate on fragmentation of different European post-trading systems is also briefly reviewed. The chapter concludes with some policy implications.
Bernard M. Hoekman and Michel M. Kostecki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198294313
- eISBN:
- 9780191596445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829431X.003.0011
- Subject:
- Economics and Finance, International
This chapter deals with one of the most important exceptions to the most‐favoured‐nation (MFN) rule allowed by the WTO (World Trade Organization): regional integration agreements (RIAs). Almost all ...
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This chapter deals with one of the most important exceptions to the most‐favoured‐nation (MFN) rule allowed by the WTO (World Trade Organization): regional integration agreements (RIAs). Almost all WTO members are participants in one or more RIA, thus raising serious questions about the relevance of the WTO's non‐discrimination principle. The sections of the chapter are as follows: Motivations for regional economic integration; GATT (General Agreement on Tariffs and Trade) Article XXIV: Preferential trade agreements; GATS (General Agreement on Trade in Services) Article V: Economic integration; Trading blocs and the trading system; and Conclusion.Less
This chapter deals with one of the most important exceptions to the most‐favoured‐nation (MFN) rule allowed by the WTO (World Trade Organization): regional integration agreements (RIAs). Almost all WTO members are participants in one or more RIA, thus raising serious questions about the relevance of the WTO's non‐discrimination principle. The sections of the chapter are as follows: Motivations for regional economic integration; GATT (General Agreement on Tariffs and Trade) Article XXIV: Preferential trade agreements; GATS (General Agreement on Trade in Services) Article V: Economic integration; Trading blocs and the trading system; and Conclusion.
Bernard M. Hoekman and Michel M. Kostecki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198294313
- eISBN:
- 9780191596445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829431X.003.0013
- Subject:
- Economics and Finance, International
A brief review is presented of the history of developing country involvement in GATT (General Agreement on Tariffs and Trade) and the experience of the first five years of the WTO (World Trade ...
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A brief review is presented of the history of developing country involvement in GATT (General Agreement on Tariffs and Trade) and the experience of the first five years of the WTO (World Trade Organization), including efforts to negotiate the accession of China and Russia. The sections of the chapter are as follows: Special and differential treatment; Changing attitudes towards the trading system; Developing country participation in the WTO; Implementation of multilateral agreements; Expanding membership; and Conclusion.Less
A brief review is presented of the history of developing country involvement in GATT (General Agreement on Tariffs and Trade) and the experience of the first five years of the WTO (World Trade Organization), including efforts to negotiate the accession of China and Russia. The sections of the chapter are as follows: Special and differential treatment; Changing attitudes towards the trading system; Developing country participation in the WTO; Implementation of multilateral agreements; Expanding membership; and Conclusion.
Sylvia Ostry
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241828
- eISBN:
- 9780191596834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241821.003.0009
- Subject:
- Economics and Finance, International
The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are ...
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The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are highlighted. The roots of the changes that have occurred are traced to the transformation of the trading system initiated in the Uruguay Round, in which the new issues of intellectual property and services were included; however, the spread of Internet use in the mid‐1990s has been equally important. In addition, there are ongoing changes in the climate of ideas that raise questions about the neoclassical model at the core of economics and trade policy. It is argued that if the rules‐based system is to endure, coping with these changes will require structural reform not only of the WTO (GATT's replacement) but also of the post‐war international architecture.Less
The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are highlighted. The roots of the changes that have occurred are traced to the transformation of the trading system initiated in the Uruguay Round, in which the new issues of intellectual property and services were included; however, the spread of Internet use in the mid‐1990s has been equally important. In addition, there are ongoing changes in the climate of ideas that raise questions about the neoclassical model at the core of economics and trade policy. It is argued that if the rules‐based system is to endure, coping with these changes will require structural reform not only of the WTO (GATT's replacement) but also of the post‐war international architecture.
Kent Jones
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195378825
- eISBN:
- 9780199852598
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195378825.003.0002
- Subject:
- Economics and Finance, Economic Systems
Although the WTO continued what the General Agreement on Tariffs and Trade (GATT) has started, WTO differed from GATT in the following features: the single undertaking in negotiated multilateral ...
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Although the WTO continued what the General Agreement on Tariffs and Trade (GATT) has started, WTO differed from GATT in the following features: the single undertaking in negotiated multilateral trade agreements, panel decisions and their binding nature, and stricter requirements for new members. While the WTO was created to expand membership in the world trading system, to extend trade liberalization, and to strengthen the members' commitment, these modifications have posed problems in the negotiating process which are referred to as “institutional friction”. As it was observed that developing countries had a significant role yet reaped disappointing results in such arrangements, the failures of the Doha Round are said to have been rooted on the Uruguay Round—the trade negotiation setup that is said to have been the most ambitious.Less
Although the WTO continued what the General Agreement on Tariffs and Trade (GATT) has started, WTO differed from GATT in the following features: the single undertaking in negotiated multilateral trade agreements, panel decisions and their binding nature, and stricter requirements for new members. While the WTO was created to expand membership in the world trading system, to extend trade liberalization, and to strengthen the members' commitment, these modifications have posed problems in the negotiating process which are referred to as “institutional friction”. As it was observed that developing countries had a significant role yet reaped disappointing results in such arrangements, the failures of the Doha Round are said to have been rooted on the Uruguay Round—the trade negotiation setup that is said to have been the most ambitious.
Kent Jones
- Published in print:
- 2004
- Published Online:
- September 2011
- ISBN:
- 9780195166163
- eISBN:
- 9780199849819
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195166163.003.0011
- Subject:
- Economics and Finance, Economic Systems
The chapter concludes by summarizing the case for a focused WTO dedicated to trade liberalization, with recommendations for improving the world trading system and rejuvenating the political coalition ...
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The chapter concludes by summarizing the case for a focused WTO dedicated to trade liberalization, with recommendations for improving the world trading system and rejuvenating the political coalition for trade in the face of globalization and nontrade issues. The WTO provides a framework for capturing trade benefits, which can serve as the foundation not only for economic growth and greater prosperity, but also for a more unified world economy. These benefits, in turn, may contribute to greater political stability, progress on human rights and labor standards, and efforts to secure a sustainable global environment.Less
The chapter concludes by summarizing the case for a focused WTO dedicated to trade liberalization, with recommendations for improving the world trading system and rejuvenating the political coalition for trade in the face of globalization and nontrade issues. The WTO provides a framework for capturing trade benefits, which can serve as the foundation not only for economic growth and greater prosperity, but also for a more unified world economy. These benefits, in turn, may contribute to greater political stability, progress on human rights and labor standards, and efforts to secure a sustainable global environment.
Jos Cozijnsen and Michael J Coren
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199565931
- eISBN:
- 9780191722028
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199565931.003.0025
- Subject:
- Law, Environmental and Energy Law, Private International Law
This chapter addresses the following question: ‘Can offset mechanisms help promote a low-carbon economy at a reasonable cost?’ The answer to this question is, yes. They are not the entirety of the ...
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This chapter addresses the following question: ‘Can offset mechanisms help promote a low-carbon economy at a reasonable cost?’ The answer to this question is, yes. They are not the entirety of the solution — regulation and economy-wide incentives are needed — but as an addition to cap-and-trade, an essential component. Reforms will go a long way toward making offset mechanisms an integral and effective part of the global climate architecture. The first section of this chapter covers existing cap-and-trade systems and progress toward a global system. The second section identifies the building blocks needed to design an effective globally linked emissions trading system. Finally, a vision for a post-2012 climate treaty incorporating project mechanisms is outlined and the policies needed to increase global emission reductions and achieve the target of limiting temperature increase to 2°C are discussed.Less
This chapter addresses the following question: ‘Can offset mechanisms help promote a low-carbon economy at a reasonable cost?’ The answer to this question is, yes. They are not the entirety of the solution — regulation and economy-wide incentives are needed — but as an addition to cap-and-trade, an essential component. Reforms will go a long way toward making offset mechanisms an integral and effective part of the global climate architecture. The first section of this chapter covers existing cap-and-trade systems and progress toward a global system. The second section identifies the building blocks needed to design an effective globally linked emissions trading system. Finally, a vision for a post-2012 climate treaty incorporating project mechanisms is outlined and the policies needed to increase global emission reductions and achieve the target of limiting temperature increase to 2°C are discussed.
Jagdish Bhagwati
- Published in print:
- 2008
- Published Online:
- October 2011
- ISBN:
- 9780195331653
- eISBN:
- 9780199851850
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195331653.003.0003
- Subject:
- Economics and Finance, International
The worries over preferential trade agreements (PTAs) have increased dramatically in the past two decades as PTAs have proliferated. This chapter discusses the consequences of complexity of the ...
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The worries over preferential trade agreements (PTAs) have increased dramatically in the past two decades as PTAs have proliferated. This chapter discusses the consequences of complexity of the resulting trade regime. The Vinerian concerns about the trade diversion that a PTA can cause have yielded by now to “systemic” concerns about PTAs. The systemic problem from discriminatory trade liberalization under PTAs arises in two ways. The trade-unrelated issues are reported. It is hard to speculate the consequences of PTAs with equanimity.Less
The worries over preferential trade agreements (PTAs) have increased dramatically in the past two decades as PTAs have proliferated. This chapter discusses the consequences of complexity of the resulting trade regime. The Vinerian concerns about the trade diversion that a PTA can cause have yielded by now to “systemic” concerns about PTAs. The systemic problem from discriminatory trade liberalization under PTAs arises in two ways. The trade-unrelated issues are reported. It is hard to speculate the consequences of PTAs with equanimity.
Jonathan I. Israel
- Published in print:
- 1990
- Published Online:
- March 2012
- ISBN:
- 9780198211396
- eISBN:
- 9780191678196
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198211396.001.0001
- Subject:
- History, European Early Modern History, Economic History
Despite its small size and population, the Dutch Republic functioned as the hub of world trade, shipping, and finance for nearly two centuries. This is the first detailed account of that hegemony ...
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Despite its small size and population, the Dutch Republic functioned as the hub of world trade, shipping, and finance for nearly two centuries. This is the first detailed account of that hegemony from its sixteenth-century origins to the final collapse of the Dutch trading system in the eighteenth century.Less
Despite its small size and population, the Dutch Republic functioned as the hub of world trade, shipping, and finance for nearly two centuries. This is the first detailed account of that hegemony from its sixteenth-century origins to the final collapse of the Dutch trading system in the eighteenth century.
