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Vol 21 No 9 Sept/Oct 2016

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Goode on Commercial Law

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The Economics of Regional Trading Arrangements New ed

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Richard PomfretUniversity of Adelaide, Australia

ISBN13: 9780199248872
ISBN: 0199248877
Published: January 2001
Publisher: Oxford University Press
Format: Paperback
Price: £49.99

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The Economics of Regional Trading Arrangements provides a unified analysis of policies which discriminate among trading partners. With the European Union's 1992 programme, the formation of NAFTA, and attempts to form or strengthen regional trading arrangements in South America, southern Africa, and Southeast Asia regionalism became a major issue in international commercial diplomacy during the early 1990s. The proliferation of RTAs was viewed by some as a challenge, and by;others as a complement, to the establishment of the World Trade Organization as the successor to GATT.;Richard Pomfret analyses the new RTAs, situating them in the broader realm of discriminatory trade policies for which there is a well-defined body of theory and empirical studies, before asking whether the new regionalism requires new theoretical analysis. His approach is to combine in roughly equal proportions history, theory, and a review of empirical studies. This is appropriate given that the key theoretical result is the welfare ambiguity of discriminatory trade policy changes. Empirical;studies can provide a sense of which of the potentially offsetting effects are more or less important. Since some effects may take a long time to have their full impact and may be systemic, it is also useful to observe how RTAs have evolved in practice.;This new-in-paperback edition of The Economics of Regional Trading Arrangements includes a brand-new Preface in which Pomfret surveys three important developments that occurred during the second half of the 1990s: the onset of a third wave of regionalism, the reintegration of formerly centrally planned economies into the global trading system, and theoretical developments, including the significance of national boundaries. This up-to-date survey will appeal to trade theorists as well;as to anyone involved in policy institutions.

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Law and Economics
List of tables. List of figures. Abbreviations; 1. INTRODUCTION
PART I: HISTORY; Introduction to Part I; 2. Evolution of the Most-Favoured Nation Principle up to 1929; 3. Commercial Policies in the 1930s; 4. Non-discrimination in the GATT; 5. Discrimination in International Trade, 1947-1985; 6. Regionalism versus Multilateralism during the Uruguay Round; 7. Regionalism and the World Trade Organization
PART II: THEORY; Introduction to Part II; 8. The Mainstream from Viner to the JCM Proposition; 9. Extending the Model; 10. The New Regionalism; 11. Numbers and Geography
16. GLOBAL ISSUES; Introduction to Part III; 12. Western European Integration; 13. North America; 14. Other Free Trade Areas and Customs Unions; 15. Trade Preferences for Developing Countries; 16. Global Issues
PART IV: POLITICAL ECONOMY; Introduction to Part IV; 17. Why do Discriminatory Trading Arrangements Exist?; 18. Consequences for the International Trading System; 19. Summary and Prospects; Appendix: Discriminatory Trading Arrangements between the USA and Canada before CUSTA