Leseprobe
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The World Trading System at Risk
Jagdish N. Bhagwati
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Sozialwissenschaften, Recht, Wirtschaft / Internationale Wirtschaft
Beschreibung
Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. That system is now being subjected to powerful centrifugal forces. Concerns with unfair trade are rampant, managed trade is increasingly popular, and regionalism is spreading. The United States, the traditional bulwark of multilateralism, has recently resorted to aggressive, unilateral tactics in trade policy. To a consideration of these developments, Bhagwati brings a unique blend of economic theory, historical scholarship, and familiarity with the institutions of world trade. Bhagwati refutes facile but fashionable criticisms of the General Agreement on Tariffs and Trade (GATT). Warning of the dangers of flouting the GATT's provisions, he shows that its underlying conception of trading by rules will be undermined if we extend accusations of "unfair trade" practices to areas as diverse as retail distribution systems, infrastructure spending, saving rates, and workers' rights. He challenges the economic and cultural stereotypes of Japan that fuel the sentiments supporting managed trade and aggressive unilateralism. In addition, he provides novel suggestions for rebuilding the GATT and with it the world trading system itself--suggestions that should prove useful at the Uruguay Round and beyond.
Originally published in 1991.
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Subsidy, Debt, Multilateralism, General Agreement on Tariffs and Trade, Exchange rate, Foreign trade of the United States, World economy, Protectionism, Export restriction, Foreign direct investment, Bribery, Export subsidy, Import quota, Commercial policy, Free trade area, Investment, Economics, International Trade Organization, Pessimism, Trade restriction, Market failure, Negotiation, Rationing, Standard International Trade Classification, Cultural bias, Tariff, Arbitrage, Trade-off, Economist, International Monetary Fund, Infant industry argument, Economic interventionism, International trade, Trade barrier, Drawback, Tax, Market analysis, Unemployment, Trade agreement, Theft, Gresham's law, Export performance, Trade creation, Algorithmic trading, Financial Times, Trading nation, Externality, Infant industry, Liberalization, Voluntary export restraints, Comparative advantage, Inefficiency, Necessity, Unilateralism, Trade Through, Dumping (pricing policy), Customs union, Economic power, Free trade, Developed country, Intellectual property, Multilateral trade negotiations, International economics, World Trade Organization, Office of the United States Trade Representative, Piracy, Uruguay Round, Inflation, Developing country, Illegal immigration