The repeated failures since 2001 of global trade negotiations and continuing uncertainties about the ultimate success of mega-regional trade agreements, like the recently concluded TransPacific Partnership, have raised widespread questions about the future of global trade policy. In Trade in the 21st Century, two distinguished experts argue that, despite appearances to the contrary, not only is trade policy alive and well, but also that there are grounds for optimism about the prospects for international trade and investment growth in the twenty-first century.
Bernard M. Hoekman is professor and director of the global economics research area at the Robert Schuman Centre for Advanced Studies, European University Institute, Florence, Italy, where he also serves as the dean of external relations. Ernesto Zedillo is director of the Yale Center for the Study of Globalization, and a professor of international economics and politics at Yale University. He was president of Mexico from 1994 to 2000.
Preface: A Tribute to Patrick Messerlin Introduction: The International Trading System in Prostration, Courtesy of the United States Bernard Hoekman and Ernesto Zedillo Part I: Trade Policy Trends and Developments 1. The Pre-Trump Buildup of Trade Discrimination: Scale, Drivers, and Effect - Simon Evenett 2. Antidumping and Market Competition: Implications for Emerging Economies - Chad P. Bown 3. The Trade Policy of the United States under the Trump Administration - Craig Vangrasstek 4. China and the World Trading System: Will "In and Up" Be Replaced by "Down and Out"? - L. Alan Winters 5. Trade Wars: Nobody Expects the Spanish Inquisition - Eddy Bekkers, Joseph Francois, Douglas Nelson, and Hugo Rojas-Romagosa 6. "We Can Also Do Stupid": The EU Response to "America First" Protectionism - Simon Evenett 7. Burning Down the House? The Appellate Body at the Center of the WTO Crisis - Bernard Hoekman and Petros C. Mavroidis Part II: Challenges for Multilateral Cooperation 8. The Agricultural Challenge in the Twenty-First Century - Anne O. Krueger 9. Subsidies, Spillovers, and Multilateral Cooperation - Bernard Hoekman and Douglas Nelson 10. Disentangling Data Flows: Inside and Outside the Multinational Company - Erik Van Der Marel 11. What Can Be Done to Blunt Potential Conflict between Climate Change and Trade Policies? - Patrick Low 12. Regional Trade Agreements and Trade Costs in Services - Sebastien Miroudot and Ben Shepherd Part III: Economic Development and the Trading System 13. From Global Value Chains to Global Development Chains: Changing Paradigms - Olivier Cattaneo and Sebastien Miroudot 14. The Aid for Trade Initiative: A WTO Attempt at Coherence - Jean-Jacques Hallaert 15. Bananas, Subject of the Longest Transatlantic Dispute in the World Trading System: A Postmortem - Jaime De Melo 16. Unilateral Liberalization within the GATT/WTO System - Joseph Michael Finger Appendix: Selected Publications by Patrick Messerlin Contributors Index
"At a time when protectionism is breaking out worldwide and we need to fight it to save globalized trade from being undermined, we need heroes to inspire us. Patrick Messerlin, who indulged in a solitary fight against French protectionists, is just such a hero. This volume, written by many admirers to celebrate his achievements, shows why." - Jagdish Bhagwati, University Professor, Columbia University; author of In Defense of Globalization "The World Trade Organization and the multilateral trading regime could soon become relics of the past. The authors of this well-timed volume explain why and how this must be avoided." - Andre Sapir, professor, Universite libre de Bruxelles; senior fellow, Bruegel; and former economic adviser to the president of the European Commission "At a time when the international trading system is under threat, this book is a significant contribution. While the world may be weary of speculating on the near- and longer-term trade posture of the United States, it remains inescapably important. If you want to understand what has transpired in U.S. trade policy rational and irrational read this book!" - Merit E. Janow, dean, School of International and Public Affairs, Columbia University "The contributors to this compendium offer a master class on trade. Given the despair over the dismal state of world trade, this volume could have been a requiem for the lost era of free trade. But trade policy experts writing in this volume not only diagnose what went wrong, they present a hopeful roadmap, persuasively showing how to begin a painful return from self-destructive protectionism and resuscitate multilateral cooperation." - Nayan Chanda, founding editor, YaleGlobal; former editor of Far Eastern Economic Review
