The New Global Trading Order: The Evolving State and the Future of Trade

Overview

The international institutions that have governed global trade since the end of World War II have lost their effectiveness, and global trade governance is fractured. The need for new institutions is obvious, and yet, few proposals seem to be on offer. The key to understanding the global trading order lies in uncovering the relationship between trade and the State, and how the inner constitution of Statecraft drives the architecture of the global order and requires structural changes as the State traverses ...

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Overview

The international institutions that have governed global trade since the end of World War II have lost their effectiveness, and global trade governance is fractured. The need for new institutions is obvious, and yet, few proposals seem to be on offer. The key to understanding the global trading order lies in uncovering the relationship between trade and the State, and how the inner constitution of Statecraft drives the architecture of the global order and requires structural changes as the State traverses successive cycles. The current trade order, focused on the liberalization of trade in goods and services and the management of related issues, is predicated on policies and practices that were the product of a global trading order of the 20th-century modern nation-states. Today, a new form of the State - the post-modern State - is evolving. In this book, the authors propose a new trade norm - the enablement of global economic opportunity - and a new institution - the Trade Council - to overhaul the global trading order.

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Editorial Reviews

From the Publisher
"In this important new book, Patterson and Afilalo address the largely neglected question of how the transformation of the constitutional and international order currently underway will affect the global trade regime. Their striking analysis is as formidable and serious as the question itself."
—Philip Bobbitt, Author of The Shield of Achilles: War, Peace, and the Course of History, Director of the Center for National Security at Columbia University

"In this timely book, Patterson and Afilalo remind us that international trade is not just crucial to prosperity, but to world peace as well. Their analysis of the trade regime's current crisis, and their concrete recommendations for fixing it, should be required reading for all those with a stake in maintaining the global economy."
—Ethan B. Kapstein, Paul Dubrule Professor of Sustainable Development, INSEAD, Visiting Fellow, Center for Global Development

"The New Global Trading Order makes a significant and highly original contribution to the thinking about the international trade order. Well-written and well-argued, this book will be of great interest to those concerned with international trade law, international economics, history, and the issues of globalization. This book should be widely read."
—Jeffrey L. Dunoff, Professor and Director of the Institute for International Law & Policy, Temple University Beasley School of Law

"In this engaging new book, the authors show how the post-war Bretton Woods system for regulating the global economic order was predicated on a conception of the State that no longer holds. They develop a provocative and original thesis for radical institutional redesign of the existing trade regime to promote the enablement of global economic opportunity and growth for citizens of developed and developing countries alike."
—Michael Trebilcock, University Professor and Professor of Law, University of Toronto

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Product Details

  • ISBN-13: 9780521875189
  • Publisher: Cambridge University Press
  • Publication date: 4/30/2008
  • Edition number: 1
  • Pages: 288
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.79 (d)

Table of Contents

1. Introduction; 2. The evolving state; 3. The changing nature of welfare; 4. Disaster and redemption: 1930s and Bretton Woods; 5. The transformation of the Bretton Woods world and the rise of a new economic order; 6. The end of Bretton Woods and the beginning of a new global trading order; 7. The enablement of global economic opportunity; 8. Trade and security; Conclusion.

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  • Anonymous

    Posted September 22, 2008

    How to Modernize the Global Trading Order

    Dennis Patterson and Ari Afilalo first clarify the essence of statecraft. Statecraft operates both internally and externally. Internally, the State is responsible for law and welfare. Externally, the State has strategic and trading relationships with the other States that make up the international society of States. Readers will benefit in this regard from first reading ¿The Shield of Achilles¿ by Philip Bobbitt to get the most from ¿The New Global Trading Order.¿ In that book, Bobbitt spends most of his time covering the different mutations of the Modern State that was born in Europe before spreading to the rest of the world. Patterson and Afilalo correctly posit that the trade order of States follows the constitutional order of States. In other words, if there is a change in the internal constitutional order of the global society of States, that change will have an impact on the prevalent global trading order. It is in the best interest of the victorious States at the end of an epochal conflict to impose their vision on statecraft on the defeated States. However, some States have remained behind the prevailing constitutional and trading orders for a variety of reasons. The authors also point out that statecraft is constantly evolving, putting to rest ¿the end of history¿ claim that quickly proved to be a chimera. Furthermore, Patterson and Afilalo remind their audience that for the first time since the birth of the Modern State at the end of the 15th century C.E., a State structure is no longer necessary to constitute a lethal threat to a society. The growth of global networked terrorism and the proliferation of WMDs pose an unprecedented strategic challenge to the State. To illustrate the preceding paragraph, think about what the world has mainly witnessed since 1945 C.E. After crushing fascism during WWII, the victorious democratic nations succeed to a large extent in imposing their model of statecraft on defeated Germany, Italy, and Japan. The theoretical foundations of the system of trade that was put in place after WWII in the aftermath of the Bretton Woods conference that was held in 1944 C.E. were 1. the respect for sovereignty (strategy), 2. the control on the redistribution of wealth as an inherent part of domestic policy (law and welfare), and 3. the interdiction of trade restrictions for protectionist purposes (law and trade). Comparative advantage replaced the disastrous mercantilism that became the trading benchmark of the 1930s C.E. The institutions that found their genesis at Bretton Woods were 1. IBRD (part of the World Bank), 2. IMF, and 3. GATT (now WTO). That trade system played a significant role in allowing the democratic ¿West¿ to subsequently crush communism as a mode of State governance by 1989 C.E. Despite the end of the Western colonialism after WWII, Africa and the Middle East are home to the many States that do not have the resources to build a modern welfare State and have not benefited from the liberalization of trade. Finally, 9/11 and its aftermath resulted 1. in the implosion of the peace dividend that had been hard won by the end of the Cold War and 2. in a renewed focus on both terrorism and WMD proliferation. Patterson and Afilalo want to explain to their audience which changes in the prevalent global trading order are becoming necessary as a result of the irreversible transformation of the ¿Nation-State¿ into ¿Market State¿ since 1989 C.E. The key purpose of the ¿Market State¿ is to maximize the opportunity of its citizens rather than essentially focusing on the betterment of the welfare of the nation. Today¿s marketplace is diffuse, globalized, and interloped compared to what it was in 1945 C.E. Here follow a few examples. Market States are experiencing strains in their ability to redistribute wealth and protect their domestic economy due to factors such as ageing demographics, economic deregulation, communications revolution, exponential growth of capi

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