Efficiency, Equity, and Legitimacy: The Multilateral Trading System in the Millennium

Efficiency, Equity, and Legitimacy: The Multilateral Trading System in the Millennium

by Roger B. Porter
     
 

ISBN-10: 0815771630

ISBN-13: 9780815771630

Pub. Date: 09/28/2001

Publisher: Brookings Institution Press

The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions

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Overview

The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy?

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Product Details

ISBN-13:
9780815771630
Publisher:
Brookings Institution Press
Publication date:
09/28/2001
Edition description:
New Edition
Pages:
352
Product dimensions:
6.00(w) x 9.00(h) x 1.20(d)

Table of Contents

Preface
Raymond Vernon
Pt. 1Introduction and Overview
1Efficiency, Equity, and Legitimacy: The Global Trading System in the Twenty-First Century3
2Dark Clouds over Geneva? The Troubled Prospects of the Multilateral Trading System16
3A Rough Map of Challenges to the Multilateral Trading System at the Millennium34
4After Seattle: Free Trade and the WTO50
5A New Framework for Globalization63
Pt. 2Efficiency
6Assessing the Efficiency Gains from Further Liberalization81
Comment106
7"Efficient Protection" through WTO Rulemaking114
Comment142
Comment148
Part Two Summary151
Pt. 3Equity
8Market Access for Developing Countries159
Comment174
9Who's Afraid of Globalization? Domestic Adjustment in Europe and America179
Comment205
Comment209
10Fostering Equity through International Institutions212
Part Three Summary222
Pt. 4Legitimacy
11Legitimacy and Global Governance: Why Constitutionalizing the WTO Is a Step Too Far227
Comment253
Comment259
12The Club Model of Multilateral Cooperation and Problems of Democratic Legitimacy264
Comment295
Comment301
13Are the Judicial Organs of the World Trade Organization Overburdened?308
Comment329
14The Rule of Lawyers and the Ethos of Diplomats: Reflections on WTO Dispute Settlement334
Part Four Summary351
Pt. 5Governance
15World Trade Organization: Institutional Design for Better Governance361
Comment381
Comment387
16Governance of the Global Trading System392
Comment408
Comment414
Part Five Summary419
General Summary428
Contributors431
Index435

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