scholarly journals Heterodox markets and ‘market distortions’ in the global trading system

2019 ◽  
Vol 22 (4) ◽  
pp. 677-719 ◽  
Author(s):  
Andrew Lang
Keyword(s):  
World Trade Organization ◽  
World Trade ◽  
Legal Basis ◽  
Institutional Diversity ◽  
Trading System ◽  
Wide Range ◽  
Trade Frictions ◽  
Market Distortion ◽  
Market Capitalism ◽  
Political Settlement

ABSTRACT An important context for contemporary trade frictions is the emergence, since the 1990s, of a wide range of new forms of market capitalism, of which China’s hybrid market economy is the most significant. Institutional diversity of this kind is a source of strength and dynamism for the global trading system, but it is also the cause of very serious friction. The General Agreement on Tariffs and Trade/World Trade Organization system has dealt with this problem before, but the existing settlement regarding the legitimate boundaries of institutional diversity is under pressure and needs to be revisited. One concept that has been incorporated into World Trade Organization trade defence law (and elsewhere) to help draw these boundaries is the concept of the ‘market distortion’. The concept can be a useful one, but it has so far been interpreted and applied with an inadequate appreciation of its serious conceptual and practical difficulties. The potential result is a system of trade defences targeted in a discriminatory and even punitive manner against heterodox institutional forms, in ways that may excessively disincentivize institutional experimentation. In response, this paper argues for an approach to the interpretation and application of this concept, which proceeds from an understanding of the institutionally embedded character of markets. This does not take the form of a readily available ‘solution’, but rather a messy and evolving set of legal techniques that, in the best case, can form the legal basis of a practical and justifiable approach to the tensions caused by institutional diversity. A toolkit of legal techniques of this kind clearly cannot take the place of a more foundational political settlement of some sort, but it is a necessary accompaniment to it, if we are to preserve the aspiration towards a genuinely non-discriminatory and rules-based global economic order.

Doha Development Round

2014 ◽  
pp. 74-83
Author(s):  
Badar Iqbal ◽  
Munir Hasan
Keyword(s):  
World Trade Organization ◽  
Free Trade ◽  
World Trade ◽  
Trade Negotiations ◽  
Global Trade ◽  
New Regionalism ◽  
Trading System ◽  
Multilateral Trading System ◽  
The Future

More than 11 years have passed and Doha Development Round (DDR) has been in the doldrums, having full uncertainties that may result in closure. Trade negotiations are at a standstill, resulting in revivalism of trade protectionism in the name of “new regionalism” or preferential agreements (India-Japan, India-EU). This would lead to dismantling multilateral trading system for which World Trade Organization was created in January 1995. It is vital to protect and preserve the gains of the WTO in a variety of related areas. Therefore, the success of a multilateral trading system is imperative, and this could only be possible when DDR is successful and revivalism takes place. If impasse is continued, the concept and practices of free trade would be transformed into trade protectionism in the name of new regionalism. If it happens, then the future of global trade is uncertain and there would be enormous loss of potential and opportunities of creation of trade, and no country could afford it. Doha is stuck. Where do we go from here? The present chapter analyses the issues relating to the closure vs. success of the DDR. Every effort must be made to keep it alive both in the interest of mankind and the globe. If in 12th round, nothing concrete comes up, then the member countries are thinking and planning to replace it by Global Recovery Round (GRR), which is becoming more significant to deal with. Hence, this chapter attempts to examine the three options, namely closure, revival, and replace.

scholarly journals Foreword by the Director-General of the WTO

2002 ◽  
Vol 1 (1) ◽  
pp. 3-3
Author(s):  
Mike Moore
Keyword(s):  
World Trade ◽  
Market Integration ◽  
Market Access ◽  
Director General ◽  
Trade Restrictions ◽  
Trading System ◽  
Wide Range ◽  
The World ◽  
International Economic Cooperation

Trade policy used to be a rather simple matter of defining conditions of access to markets at the border. Little more was needed than rules defining non-discriminatory tariff levels, circumscribing the use of quantitative trade restrictions, and protecting the conditions of market access through the principle of national treatment. But the very success of these simple rules in creating the conditions for successive bouts of market-opening negotiations bred the complex and multi-faceted institution that is the World Trade Organization of today. As tariffs tumbled, all manner of other policies became crucial for continuing market integration. The rules had to follow the reality. It is a brave person now who claims more than a passing familiarity with each and every aspect of the WTO Agreements.In this fascinating labyrinth of what passes for policy relating to trade, it is unconvincing to argue that there is ever enough research and analysis. There will always be more that needs to be explored and better understood. Every effort to illuminate, to clarify, and to explain the trading system must surely be welcome. But if we are to advance our understanding of what makes sense and what does not, and contribute effectively to international economic cooperation, the quality and integrity of analysis is vital. This has become more especially true in recent years as dozens of developing countries facing formidable development challenges seek progress through meaningful participation in the world trading system. One of the great strengths of the WTO is its commitment to universality. If we are to give meaning to this vision and foster confidence in the fairness of the system, we must ensure its proper design on solid conceptual foundations.I am proud to associate the WTO Secretariat with the birth of the World Trade Review. The journal is committed to promoting high-quality policy analysis and welcomes contributions from a wide range of disciplines and cross-section of contributors. This is not an in-house journal devoted to selling pre-conceived ideas. Its mission is to promote informed and honest debate and to deepen understanding. The journal's editorial independence is central to these objectives. I wish the Editor and the members of the Editorial Board of the World Trade Review well in this important endeavour.

Trade and Environment in the World Trading System: A Decade of Stalemate?

2001 ◽  
Vol 1 (4) ◽  
pp. 1-9 ◽  
Author(s):  
Marc Williams
Keyword(s):  
Sustainable Development ◽  
World Trade Organization ◽  
World Trade ◽  
Trade And Environment ◽  
Trading System ◽  
The Past ◽  
System A ◽  
The World ◽  
World Trading System

This article assesses the first decade of the trade-environment debate, and explores the possibilities for reconciliation of competing positions on trade-environment issues. It explores three aspects of the continuing conflict over trade and environment in the World Trade Organization. Rejecting both optimistic and pessimistic accounts of the past and future of the trade-environment debate it argues that important changes have occurred that have transformed the debate. But, despite the normalization of the trade-environment debate around the concept of sustainable development significant points of contention remain among the various participants.

scholarly journals WTO Provision and Higher Education in Nepal

2014 ◽  
Vol 1 (4) ◽  
pp. 139-142
Author(s):  
Amit Koirala
Keyword(s):  
Higher Education ◽  
World Trade Organization ◽  
World Trade ◽  
Government Purchases ◽  
Wide Range ◽  
The World ◽  
Trading Partners ◽  
Textiles And Clothing ◽  
Industrial Standards ◽  
Wto Agreements

The World Trade Organization (WTO) agreements cover a wide range of activities such as agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards and product safety, food and sanitation regulations and intellectual property. Under the WTO agreements, countries cannot normally discriminate between their trading partners. Imported and locally produced goods should be treated equally. The same should apply to foreign and domestic services, and to trademarks, copyrights and patents. Education has been considered as one of the trades in the WTO. It has been argued that the accession of membership to WTO will be very helpful in the development of a country like Nepal so, this paper especially tries to find out the dilemmas and prospective on higher education in Nepal with respect to WTO provision. DOI: http://dx.doi.org/10.3126/ijssm.v1i4.10965 Int. J. Soc. Sci. Manage. Vol-1, issue-4: 139-142  

The Right to Health

2003 ◽  
Vol 13 (1) ◽  
pp. 27-33
Author(s):  
Dommen Caroline
Keyword(s):  
Public Health ◽  
Human Rights ◽  
Trade Policy ◽  
World Trade Organization ◽  
World Trade ◽  
Right To Health ◽  
Medical Services ◽  
Trading System ◽  
Human Rights Norms ◽  
The Right

Does the global trading system operate to the detriment of human rights? Some people think so. Many argue that trade policy interferes with a nation's capacity to develop its own human rights policies in the areas of health, nutrition, and medical services. This article examines that contention by studying how World Trade Organization (WTO) rules limit a country's ability to uphold the right to health for its citizens and suggests ways that human rights norms and mechanisms can be employed as counterweights to socially harmful WTO polices. The author concludes that most commentators agree that human rights are inalienable and thus would prevail in a judicial setting and that human rights mechanisms have been underused by proponents of public health.

WORLD TRADE ORGANIZATION REFORM: PROBLEMS AND PROSPECTS

2020 ◽  
Vol 3 (7) ◽  
pp. 120-126
Author(s):  
E. A. LUKASHIK ◽  
Keyword(s):  
Developing Countries ◽  
World Trade Organization ◽  
World Trade ◽  
Public Procurement ◽  
Doha Round ◽  
Trading System ◽  
Changing Trends ◽  
Rapid Economic Growth ◽  
The Status ◽  
New Challenges

The world trade organization (WTO) has faced a number of challenges related to changing trends in the global trading system. In addition to the differences that have accumulated during the Doha round of trade negotiations, new issues need to be discussed, such as the regulation of e-Commerce, the revision of intellectual property rules, the need to tighten the rules on subsidies and public procurement, and improving the effectiveness of the Appeals body. Due to the rapid economic growth of a number of developing countries, it is necessary to redistribute the benefits provided and review the status of the organization's member countries. Outdated WTO rules do not meet the new challenges of the 21st century. The main problems faced by WTO members are analyzed, the positions of developed and developing countries are highlighted, and ways to resolve the organization's crisis are presented.

scholarly journals The World Trade Organization and the Future of Multilateralism

2016 ◽  
Vol 30 (1) ◽  
pp. 95-116 ◽  
Author(s):  
Richard Baldwin
Keyword(s):  
World Trade Organization ◽  
World Trade ◽  
Production Networks ◽  
Trading System ◽  
International Production ◽  
The World ◽  
The Future ◽  
World Trading System ◽  
Tariff Liberalization ◽  
Pillar Structure

When the General Agreement on Tariffs and Trade was signed by 23 nations in 1947, the goal was to establish a rules-based world trading system and to facilitate mutually advantageous trade liberalization. As the GATT evolved over time and morphed into the World Trade Organization in 1993, both goals have largely been achieved. The WTO presides over a rule-based trading system based on norms that are almost universally accepted and respected by its 163 members. Tariffs today are below 5 percent on most trade, and zero for a very large share of imports. Despite its manifest success, the WTO is widely regarded as suffering from a deep malaise. The main reason is that the latest WTO negotiation, the Doha Round, has staggered between failures, flops, and false dawns since it was launched in 2001. But the Doha logjam has not inhibited tariff liberalization—far from it. During the last 15 years, most WTO members have massively lowered barriers to trade, investment, and services bilaterally, regionally, and unilaterally—indeed, everywhere except through the WTO. For today's offshoring-linked international commerce, the trade rules that matter are less about tariffs and more about protection of investments and intellectual property, along with legal and regulatory steps to assure that the two-way flows of goods, services, investment, and people will not be impeded. It’s possible to imagine a hypothetical WTO that would incorporate these rules. But the most likely outcome for the future governance of international trade is a two-pillar structure in which the WTO continues to govern with its 1994-era rules while the new rules for international production networks are set by a decentralized process of sometimes overlapping and inconsistent mega-regional agreements.

Big Visions and Big Hopes

2017 ◽  
Author(s):  
Timothy J. Minchin
Keyword(s):  
World Trade Organization ◽  
Union Membership ◽  
Presidential Election ◽  
World Trade ◽  
Turning Points ◽  
Political Mobilization ◽  
Wide Range ◽  
The World ◽  
Working People ◽  
Minority Workers

ThIs chapter examines the early Sweeney years, a remarkable time full of optimism for the AFL-CIO, and for many of America’s working people. Sweeney launched a wide range of reforms, putting an increased emphasis on organizing, political mobilization, and grassroots work, and forging new bonds with unions in other countries. He also introduced unprecedented diversity into the AFL-CIO, appointing more female staffers than ever before, and reaching out to female and minority workers. Sweeney’s efforts secured results; in 1998, for example, union membership increased by 101,000 over the previous year, a notable turnaround. The optimism was still evident at the end of 1999, when the AFL-CIO joined with environmentalists and engaged in mass demonstrations at the World Trade Organization meeting in Seattle. Two events – the contested 2000 presidential election and 9/11 – acted as turning points, initiating a domestic climate that was much more hostile to the AFL-CIO.

Trade rules and climate change subsidies

2006 ◽  
Vol 5 (3) ◽  
pp. 377-414 ◽  
Author(s):  
ANDREW GREEN
Keyword(s):  
Climate Change ◽  
World Trade Organization ◽  
Greenhouse Gas ◽  
World Trade ◽  
Policy Instruments ◽  
Environmental Taxes ◽  
Market Failures ◽  
Address Climate Change ◽  
Wide Range ◽  
Potential Benefits

Countries can choose between a wide range of policy instruments to address climate change. While economists tend to argue for the efficiency of instruments such as environmental taxes, many countries are incorporating subsidies into their plans for limiting greenhouse gas emissions. However, these subsidies may conflict with World Trade Organization rules. This paper analyzes the potential benefits of using climate change subsidies in terms of addressing market failures as well as the risks of protectionism arising from such subsidies. It then examines World Trade Organization rules to determine whether they optimally differentiate between beneficial and harmful subsidy policies. It concludes that existing WTO rules do not provide adequate scope for legitimate subsidies and makes suggestions for reforming subsidies law.

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