The effect of US protectionist policy on stock prices of firms in the US and abroad is still an open question. This book, first published in 1996, investigates the effects of trade restrictions at the level of the individual firm, focusing on US, Taiwan and South Korea.

This two volume book presents an in-depth analysis of many of the most important issues facing today's shipping and port sectors. Volume 1 of Dynamic Shipping and Port Development in the Globalized Economy focuses on the application of theory to practice in Maritime Logistics.

In the aftermath of the Napoleonic Wars Britain found itself faced with a stagnant economy. Economist David Ricardo believed that the full re-integration of Britain into the world market would allow for both capital accumulation and population growth, and used arguments that anticipate ideas entertained in modern contributions to the theory of economic growth and development. However, several of these arguments have not yet been translated into the language of modern classical economics. Ricardo's Theory of Growth and Accumulation seeks to overcome this striking lacuna. The latest entry in the Graz Schumpeter lecture series, this text explores and elaborates Ricardo's arguments and the models utilized by those who subsequently followed in support of his work. The Ricardian system is first examined through a one-sector economy, following Kaldor's model, and a two-sector economy, following Pasinetti's model. These building blocks are developed through the exploration of a small open economy, which allows an analysis of the impact of international trade in exceedingly simple circumstances. This discussion expands further by considering the world economy. More sophisticated variants of the two-sector model are presented, in which commodity prices are endogenously determined by the trading interplay amongst several countries. A final analysis makes Ricardo's case by introducing accumulation in the world economy. This book is of interest to students and scholars of Ricardo, classical economics, and - more broadly - growth theory, the theory of international economics, and globalization. The author was keen to render the analytical parts compelling to the historian and the historical parts compelling to the theorist.

To access the additional resources mentioned in this book, Click Here. Regional trade agreements (RTAs) are not new, but their importance in global economics and politics has grown exponentially in the past two decades. At the same time, RTAs have become increasingly controversial as their number, scope, and cross-cutting memberships become so complex that many fear they will undermine the World Trade Organization's multilateral trading system. Ranging from the Asia Pacific Economic Cooperation forum to the European Union to the North American Free Trade Agreement, RTAs have equally wide-ranging purposes, from improving market access to increasing clout in international negotiations. Tackling this complexity and confusion head on, this book provides a much-needed guide to RTAs. Setting current regional agreements in their economic, political, and historical context, David A. Lynch describes and compares virtually every significant RTA, region by region. He clearly explains their intricate inner workings, their webs of collaboration and conflict, and their primary goals and effectiveness. Lynch's deeply knowledgeable study bridges the ideological divides in scholarly and public debate, including economists' emphases on markets and efficiency versus antiglobalization activists' concerns over inequality and social ills. By building a middle ground between micro and macro analysis and clarifying technical terminology, this concise and accessible book will be an invaluable reference for all nonspecialists.

In less than 100 years, international organizations have evolved from curiosities into keystones of international law. What began long ago as an unremarkable effort to coordinate a limited number of technical issues has grown into a global, multilevel, blended governing project with diverse competences in most fields of human endeavor and interests. Law graduates who enter the field of international law, as well as political science, international relations, and diplomacy, are increasingly expected to have a strong knowledge of the law of international organizations. Beyond knowledge, graduates are also expected to be able to solve new emerging legal problems confronting organizations. This book introduces students to the law of international organizations through the careful study of the most recent cases and other materials from the International Court of Justice, United Nations Security Council and General Assembly, World Trade Organization, international criminal tribunals, European Union, European Court of Human Rights, International Labour Organization, various domestic courts and arbitral panels, and other bodies. In doing so, it undertakes a critical examination of legal rights and duties, exposing the fundamental questions that arise when addressing a range of issues within an organization. In order to provide the best foundation, the textbook focuses on several key topics: the law of treaties, creation of organizations, membership, powers of organizations, legal effects of their acts, organs, immunities, and responsibility. This book is best suited for students who are studying international organizations and who have already had one or more courses on international and/or European law.

The liberalization of trade and its questionable benefit; the increasing fluidity in the movement of people and trade across geo-political divides; the emergence of unregulated virtual trade and its implications on domestic economic policy; and the social implications of the new world order are all issues demanding on-going critical examination from a perspective beyond the common lens of neo-liberal economics. Such an examination is pursued in Kouzmin and Hayne edited volume Essays in Economic Globalization, Transnational Policies and Vulnerability, a collection of 13 diverse, challenging and, often, cautionary chapters contributed by an international cohort of scholars.

Early modern, long-distance trade was fraught with risk and uncertainty, driving merchants to seek means (that is, institutions) to reduce them. In the traditional historiography on Spanish colonial trade, the role of risk is largely ignored. Instead, the guild merchants are depicted as anti-competitive monopolists who manipulated markets and exploited colonial consumers. Jeremy Baskes argues that much of the commercial behavior interpreted by modern historians as predatory was instead designed to reduce the uncertainty and risk of Atlantic world trade.
This book discusses topics from the development and use of maritime insurance in eighteenth- century Spain to the commercial strategies of Spanish merchants; the traditionally misunderstood effects of the 1778 promulgation of "comercio libre," and the financial chaos and bankruptcies that ensued; the economic rationale for the Spanish flotillas; and the impact of war and privateering on commerce and business decisions. By elevating risk to the center of focus, this multifaceted study makes a number of revisionist contributions to the late colonial economic history of the Spanish empire.

For almost fifty years Japan pursued a single-track approach focusing trade negotiation efforts exclusively on the global multilateral forum while shunning regionalism as harmful to the General Agreement on Trade and Tariffs/ World Trade Organisation system. However, following the tsunami disaster of March 2011 and widespread economic downturn Tokyo has engaged much more actively in pursuing bilateral Free-Trade Agreements (FTAs). This book explores the turnaround in Japanese strategy and trade policy. Drawing on case studies and including interviews with FTA policymakers within the government and key interest groups it focusses on the domestic political process of FTA and Trans-Pacific Partnership (TPP) negotiations to investigate the cause of the policy shift. This work will prove useful to students, scholars and policymakers interested in international political economy, Japanese trade policy, East Asian regionalism and the Trans-Pacific Partnership (TPP).

This volume presents important analyses of international trade, technology transfer and the global economics of intellectual property rights through selected and key works of Keith E Maskus, spanning his long career. The book includes 17 chapters, ranging from theoretical modeling to empirical and statistical analysis, and policy contributions. Readers will find significant questions addressed in the determinants of trade, foreign direct investment, patents and trade, licensing, parallel imports, and innovation. These chapters span the scope of economic analysis of the globalization of intellectual property and technology transfer, a field in which the author has been a pre-eminent presence.

The Handbook provides the first detailed explanation and analysis of the process whereby governments become Members of the WTO. The WTO Agreement, which came into force on 1 January, 1995, provides few details on how this process is to take place. Consequently, the steps in the detailed negotiations leading up to access have evolved through the actual negotiations for governments which have become Members of the WTO since 1995. This handbook is unique in providing an account of how the process evolved and in offering details on the process as it is now applied. Moreover, the input of the WTO Secretariat into the preparation of the guide provides information not available until now to anyone outside the Secretariat. The Secretariat has supported production of this handbook in the hope it will serve as a useful source of reference for officials from acceding governments, WTO Members, academia, and the general public.

With the Doha Round of multilateral trade negotiations moribund, it is time to reconsider the future of trade negotiations as an impetus for reform. Services trade is a leading-edge behind-the-border issue, so a services perspective offers critical insights into the future of trade negotiations more generally. This book traces the author's thinking on how to make sense of services trade reform, drawing on her analytical, empirical and policy-related work on services issues from both academic and government perspectives. It covers policy reform, policy forums, and what it takes politically to achieve reform, and offers critical new insights into the future of trade negotiations.The book shows policy makers how to approach the economics and politics of services trade reform domestically, consistent with relevant special features of services trade. It shows analysts the full policy implications of those special features, including what they mean and how services reform should be treated in the future in national and international forums. In covering such broad territory, the book draws together published material that previously has been scattered across place and time, including modelling that establishes empirically the special features of services that are relevant.

The proliferation of regional trade agreements, including both free trade agreements and customs unions, over the past decade has provoked many new legal issues in WTO law, public international law, and an emerging law of regional trade agreements. The various Parts of this book chart this development from a number of perspectives. Part 1 introduces the economic and political underpinnings of regional trade agreements, their constitutional functions, and their role as a locus for integrating trade and human rights. Part 2 examines the WTO rules governing regional trade agreements, focusing on a number of areas in which regional trade agreements prove problematic, such as trade remedies, regulatory standards and rules of origin. Part 3 investigates areas in which regional trade agreements go beyond WTO rules, in areas such as intellectual property, investment, competition, services, sustainable development and mutual recognition, while Part 4 is devoted to the dispute settlement mechanisms of regional trade agreements, and includes illuminating case studies. Part 5 explores the interrelationship between regional trade agreements and the WTO system from the perspective of public international law, involving questions with significance beyond the trade community.

This Palgrave Pivot explores how communication technology such as the Internet has changed the nature of trade, focusing especially on economy-wide reductions in company size (granularity) and the role of retailers (disintermediation). By increasing access to comparative data, influencing conceptions of time, and reducing the number of intermediaries between creator and consumer, technological connectivity is changing the very definition of competition. In the new network economy, disintermediation and granularity are turning cooperative information gathering and sharing into a vital market institution. To exemplify the effects of communication technology, Bhatt focuses on two markets with particularly powerful effects on the economy: labor and education, and CIME (communication, information services, media, and entertainment). Mobile connectivity is radically changing the extent, capabilities, and operations of these markets, both in terms of the services they provide and how they interact with consumers. Bhatt also explores how these benefits intersect with new concerns about privacy and security when the line between public and private information is becoming ever more fluid.

This is a story about governance in Mexico after the labor and environmental accordsOCocalled side agreementsOCothat accompanied the NAFTA treaty went into effect. These side agreements required member states to uphold and enforce their labor and environmental laws; though never codified, it was widely accepted that Mexico, in particular, had a problem with law enforcement.
"Side Effects" explores how differences in institutional design (of the side agreements) and domestic capacity (between the labor and environment sectors) influenced norm socialization in Mexico. It argues that the acceptance of rule-of-law norms in environmental governance can be attributed to participating institutions' independence from national control, their willingness to give citizens access, and the professionalization and technical capacity of domestic bureaucrats and civil society actors. Changes in labor governance have been hampered by union confederations, longstanding corruption, and a closed opportunity structure. Going beyond a simple accounting exercise of resources devoted to enforcing the law, this book comes to grips with how best to strengthen local capacity and promote pro-norm behaviorOCoadvances essential to the task of development and democratization.

This book examines Sino-Middle Eastern relations on a bilateral level since World War II. It highlights the depth of China's involvement in the region with each country on a five dimensional approach: energy security, trade relations, political relations, arms sales/security cooperation, and cultural relations. Regarding each of these criteria, the Middle East holds a strategic significance to China's national security, vital interests, territorial integrity, sovereignty, regime survival, and economic prosperity. China has been an integral part of the political developments on the Middle Eastern political scene. It has supported the region's quest for independence and national liberation, exchanged diplomatic recognition with the region and established political partnerships with the Middle East. Trade relations are an essential element of China's involvement in the Middle East. Their bilateral trade volume exceeds $220 billion annually, and is steadily heading toward $500 billion by the end of 2015. The Middle East supplies fifty-four percent of China's energy needs, and is expected to provide seventy percent of China's imports by 2020. Energy security has become the core of Sino-Middle Eastern relations and the main goal of its increasing involvement in the region. China has also become a main source of arms sales to the region. The Middle East influenced Chinese culture and language immensely, simultaneously, influenced by Chinese culture, traditions and customs. Apparently, the peoples of the Middle East are enthusiastic about China's role in the region. However, the American so called "pivoting out" and China's imminent "pivoting in" brings tremendous levels of anxiety in the region. A similar situation occurred a century ago, when the people of the region, the social and political movements in the Middle East, and the governments of the region, solicited and welcomed the American involvement in the region, something they deeply resent and regret. China seems to be going through the same path, and the people of the region have begun to scrutinize its presence. If Beijing continues its inconsistent policy in the region, its injudicious support to autocracies, it will defiantly mobilize popular resentment against its involvement in the Middle East. Therefore, its presence might not endure in comparison to the American, British, or French presence in the Middle East.

The economic upturn and performance of Mauritius is a far cry from predictions made in the 1960s. The island's remarkable economic performance since the 1980s can been attributed to a multitude of factors instrumental to the success of the economy, including structural reforms, outward looking export orientated strategies, diversification in the manufacturing, tourism and financial services sectors amongst others, sound economic governance and institutions, and significant investment in human capital. This book attempts to provide a detailed analysis of the various key ingredients which have helped to propel Mauritius to its current status. The various chapters provide important readings for both academics and policymakers, with the final chapter providing key policy strategies which the government needs to implement to help Mauritius graduate to the next level of development: namely to that of a high-income economy and, in moving out of the middle-income trap, laying the foundations for future growth and shared prosperity in the light of both domestic challenges and global constraints.

This insightful book collects empirical analyses and case studies to clarify issues and draw policy recommendations for facilitating greater regional trade through increased cooperation. Asia s rapid development has been heavily dependent on markets external to the region. However, given the unlikely timely recovery of the United States or Europe there is an urgent need to develop domestic and regional markets. While greater integration has long been a regional goal, its importance has never been more pressing. To facilitate trade and promote growth and regional integration, and to counteract declining markets in other regions, Asian countries have announced large expenditures for developing infrastructure. Thus, a look at how investment in regional infrastructure promotes and supports interregional trade growth has never been timelier. While the focus is on informing policy-making in Asia, the findings also have relevance for other regions. The detailed studies in this book will be of particular interest to academic economists, policy-makers, and the broader development community. Contributors: N. Banik, D.H. Brooks, J. Gilbert, L. Shantong, S. Stone, A. Strutt, T.S. Yean, H. Wang

This book brings together core papers by the editor and some of his colleagues during the past two decades on the role of trade openness, especially in farm products, in promoting national and global economic development. The chapters cover four areas: how national comparative advantage evolves in the course of economic growth; how agricultural markets and national and global economic welfare are affected by distortionary price and trade policies; how inefficiently non-trade concerns of societies are addressed using trade-distorting policies; and how the income distributional effects of trade policies drive the political economy of those policies.

Over the last four decades, the direction of research on international trade policy formation has been significantly influenced by Wolfgang Mayer's contributions to both the positive and normative theory of international trade and, in particular, to the political economy of actual policy formation. This volume consists of a collection of Mayer's original articles, selected with the objective to further facilitate the study and advancement of the theory of trade policy formation.Part I of this book deals with the pure theory of international trade, as the theoretical underpinning for the formation of trade policies. Specifically, it explores the robustness of the Heckscher-Ohlin framework and its two core propositions - the Stolper-Samuelson and Rybczynski theorems - by relaxing its underlying assumptions in four ways: limiting the inter-industry mobility of factors of production in the short run; allowing for industry economies of scale; introducing uncertainty of commodity prices; and endogenizing a country's supply of labor.Part II addresses issues related to first-best trade policies which had gained prominence during the period of multilateral trade liberalization under the auspices of the GATT, such as: the scope and limits of negotiated tariff agreements; first-best policy justifications for import restrictions and export promotions; and the use of import-quality standards as a substitute for tariffs.Part III explores the political economy of trade policy formation. It is a response to the observation that, in spite of wide agreement on a country's welfare-maximizing policies, they continue to deviate quite markedly from actually adopted policies. The models of Part III account for the political environment in which governments operate, with particular emphasis on majority voting by individuals with heterogeneous policy preferences.Part IV introduces a political-economy approach to explain the mixed success of conditional assistance programs, as designed by International Financial Institutions (IFIs). It calls for explicit incentives to motivate assistance-receiving governments to reform their economies when interest groups are powerful and IFIs have limited information on the competence and willingness of governments to implement reforms.

In the 1980s, the extent of Japanese export penetration into other Western economies, particularly the USA, became a matter of international concern. There were demands for Japan to reciprocate on imports, for the Japanese market to be 'opened up' and, by some people, for sanctions or a trade war if the Japanese did not respond. This book, first published in 1989, examines the growth of protectionist sentiment and the Japanese response to it. It examines in detail the debates within Japan and discusses the measures which the Japanese took, including the voluntary export restraint measure in the motor sector. It concludes that, broadly, the Japanese did indeed respond to world demands for their market to be opened up but that successful exporting to Japan depended equally on efforts by Western companies to service that market, which they were slow to do.

This book, first published in 1989, compares, contrasts and evaluates the nature, scale and direction of industry-academic interactions in Britain and Japan: the conversion of academic discoveries into practical products. Japan shows its outstanding ability to translate scientific ideas into high technology products. Within this wider investigation, detailed consideration is given to the manner in which these interactions promote innovation and technology transfer. The information in this study provides a perspective against which decisions can be made about industry-education interaction arrangements, and much of this information is largely unavailable outside Japan.

The study, first published in 1981, traces the history and development of Japanese business from the seventeenth century, and is the only text that systematically treats the rise of Japanese business in its full complexity and against the background of contemporary social and political conditions. Each section discusses the socio-economic conditions, the leadership and business elites, the internal and external structures and the impact of values. The emergence of new types of businessmen, their ideas and approaches, their relations to the government, their handling of labour problems are all analysed. One of the most intriguing aspects of this study is the unique importance of Japanese values, their tenacious persistence and uncanny flexibility and resilience. The strengths and weaknesses of these values are examined in detail.

Economic success in Japan has been attributed to the existence of harmonious labour-management relations. This book, first published in 1991, argues that this unique 'culture of harmony' was consciously invented and developed over the last century. A semi-bureaucratic organization called the Kyochokai was established in 1919 to meet the needs of an emerging industrial society. It took the lead in trying to define the values which would be suitable for a new Japanese-style industrial culture. The resulting 'invented' tradition has played an important role in the evolution and character of Japanese economic values and behaviour.

The first comprehensive study of post-war Japanese transnational corporations in Australia, this book, first published in 1990, gives valuable insights into the particular characteristics of Japanese overseas investment. It looks at how, where and why Japanese corporations have set up their business activities in Australia, focusing on the economic, political and geographic factors shaping their operations. It presents case studies of Japanese trading companies, manufacturing companies, banks, and financial institutions. As well as highlighting the essential differences that separate Japanese transnational companies from those of the UK and the USA, the study gives new theoretical insights into the complex behaviour of Japanese corporations in their host countries.

This book, first published in 1988, assembles a key pool of references in English to help study the 'Japanese economic challenge' of the 1980s. Collectively, these writings chronicle the historical, social and cultural background of Japan's spectacular industrial take-off. They describe, analyse and interpret the diverse manifestations of Japan's economic growth.