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


ISBN13: 9781107638181
Published: January 2014
Publisher: Cambridge University Press
Country of Publication: UK
Format: Paperback (Hardback in 2009)
Price: £30.99
Hardback edition , ISBN13 9780521761208



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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, Law and Economics
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

Transparency in the WTO SPS and TBT Agreements: The Real Jewel in the Crown ISBN 9781108486453
To be published April 2020
Cambridge University Press
Shareholders' Claims for Reflective Loss in International Investment Law ISBN 9781108489430
To be published April 2020
Cambridge University Press
£91.20
(ePub)
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Judicial Acts and Investment Treaty Arbitration ISBN 9781316648209
Published August 2019
Cambridge University Press
£91.20
(ePub)
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Establishing Judicial Authority in International Economic Law ISBN 9781316601105
Published December 2018
Cambridge University Press
Freedom of Transit and Access to Gas Pipeline Networks Under WTO Law ISBN 9781316615249
Published December 2018
Cambridge University Press
The Public International Law of Trade in Legal Services ISBN 9781108423526
Published November 2018
Cambridge University Press
The Public International Law of Trade in Legal Services (eBook) ISBN 9781108530392
Published November 2018
Cambridge University Press
£81.60
(ePub)
Buy
£22.80
(ePub)
Buy
Developing Countries and Preferential Services Trade ISBN 9781316603673
Published June 2018
Cambridge University Press
Reclaiming Development in the World Trading System 2nd ed ISBN 9781107491571
Published June 2018
Cambridge University Press
Judicial Acts and Investment Treaty Arbitration ISBN 9781107198463
Published January 2018
Cambridge University Press
Judicial Acts and Investment Treaty Arbitration (eBook) ISBN 9781108187541
Published January 2018
Cambridge University Press
£21.60
(ePub)
Buy
£26.40
(ePub)
Buy
The Social Foundations of World Trade: Norms, Community and Constitution ISBN 9781108441933
Published September 2017
Cambridge University Press
Freedom of Transit and Access to Gas Pipeline Networks Under WTO Law (eBook) ISBN 9781316732304
Published April 2017
Cambridge University Press
£26.40
(ePub)
Buy
Freedom of Transit and Access to Gas Pipeline Networks Under WTO Law ISBN 9781107163645
Published April 2017
Cambridge University Press
Reclaiming Development in the World Trading System 2nd ed ISBN 9781107098930
Published October 2016
Cambridge University Press
Developing Countries and Preferential Services Trade ISBN 9781107147560
Published July 2016
Cambridge University Press
The WTO and International Investment Law: Converging Systems ISBN 9781107009707
Published January 2016
Cambridge University Press
The Law, Economics and Politics of International Standardisation ISBN 9781107128330
Published December 2015
Cambridge University Press
The Social Foundations of World Trade: Norms, Community and Constitution ISBN 9781107036611
Published January 2015
Cambridge University Press
Public Participation and Legitimacy in the WTO ISBN 9781107067820
Published October 2014
Cambridge University Press
The Challenge of Safeguards in the WTO ISBN 9781107071780
Published September 2014
Cambridge University Press
General Interests of Host States in International Investment Law ISBN 9781107050235
Published May 2014
Cambridge University Press
The Multilaterization of International Investment Law ISBN 9781107636507
Published January 2014
Cambridge University Press
Law, Economics and Politics of Retaliation in WTO Dispute Settlement ISBN 9781107655355
Published January 2014
Cambridge University Press
African Regional Trade Agreements as Legal Regimes ISBN 9781107670303
Published November 2013
Cambridge University Press
Domestic Judicial Review of Trade Remedies: Experiences of the Most Active WTO Members
Edited by: Muslum Yilmaz
ISBN 9781107022232
Published January 2013
Cambridge University Press
African Regional Trade Agreements as Legal Regimes ISBN 9780521769839
Published July 2011
Cambridge University Press
Law, Economics and Politics of Retaliation in WTO Dispute Settlement ISBN 9780521119979
Published January 2010
Cambridge University Press
The Multilaterization of International Investment Law ISBN 9780521762366
Published September 2009
Cambridge University Press