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Vol 22 No 10 Oct/Nov 2017

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Trade Policy Flexibility and Enforcement in the WTO: A Law and Economics Analysis


ISBN13: 9780521761208
Published: August 2009
Publisher: Cambridge University Press
Country of Publication: UK
Format: Hardback
Price: £82.00
Paperback edition , ISBN13 9781107638181



Low stock.

The World Trade Organization (WTO) is an incomplete contract among sovereign countries. Trade policy flexibility mechanisms are designed to deal with contractual gaps, which are the inevitable consequence of this contractual incompleteness. Trade policy flexibility mechanisms are backed up by enforcement instruments which allow for punishment of illegal extra-contractual conduct.

This book offers a legal and economic analysis of contractual escape and punishment in the WTO. It assesses the interrelation between contractual incompleteness, trade policy flexibility mechanisms, contract enforcement, and WTO Members' willingness to co-operate and to commit to trade liberalization. It contributes to the body of WTO scholarship by providing a systematic assessment of the weaknesses of the current regime of escape and punishment in the WTO, and the systemic implications that these weaknesses have for the international trading system, before offering a reform agenda that is concrete, politically realistic, and systemically viable.

  • Contract-theoretic assessment of the WTO sheds light on its nature and objectives, and also the need for flexibility and enforcement mechanisms
  • Comprehensive review of rationales for trade agreements explains the motivations behind multilateral trade-liberalization treaties (such as the WTO)
  • Proposes a new system of trade policy flexibility and enforcement that retains the basic WTO principles and contextual constraints

Subjects:
International Trade
Contents:
1. Introduction: trade policy flexibility in the WTO – vice or virtue?

Part I. An Introduction to Incomplete Contracting:
2. Complete contracts, and the contracting ideal
3. Incomplete contracting, and the essence of flexibility

Part II. Theorizing About the WTO as an Incomplete Contract:
4. Adding context: the WTO as an incomplete contract
5. Analyzing the system of non-performance in the WTO

Part III. Flexibility and Enforcement in the WTO: Towards an Agenda for Reform:
6. Theorizing about the ‘WTO’ as an efficient ‘breach’ contract
7. Towards an efficient ‘breach’ contract: an agenda for reform.

Series: Cambridge International Trade and Economic Law

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Freedom of Transit and Access to Gas Pipeline Networks Under WTO Law (eBook) ISBN 9781316732304
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The Law and Politics of WTO Waivers: Stability and Flexibility in Public International Law ISBN 9781107471115
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International Organizations in WTO Dispute Settlement: How Much Institutional Sensitivity? ISBN 9781107471139
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The Challenge of Safeguards in the WTO ISBN 9781107071780
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General Interests of Host States in International Investment Law ISBN 9781107050235
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Trade Policy Flexibility and Enforcement in the WTO: A Law and Economics Analysis ISBN 9781107638181
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The Multilaterization of International Investment Law ISBN 9781107636507
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Law, Economics and Politics of Retaliation in WTO Dispute Settlement ISBN 9781107655355
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Non-Discrimination in International Trade in Services: ‘Likeness' in WTO/GATS ISBN 9781107697669
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African Regional Trade Agreements as Legal Regimes ISBN 9781107670303
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Domestic Judicial Review of Trade Remedies: Experiences of the Most Active WTO Members
Edited by: Muslum Yilmaz
ISBN 9781107022232
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International Organizations in WTO Dispute Settlement: How Much Institutional Sensitivity? ISBN 9781107028241
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The Law and Politics of WTO Waivers: Stability and Flexibility in Public International Law ISBN 9781107012899
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Non-Discrimination in International Trade in Services: ‘Likeness' in WTO/GATS ISBN 9780521191869
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The Multilaterization of International Investment Law ISBN 9780521762366
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£93.00