This two volume set reprints 37 important contributions dealing with international trade throughout the world during the rise of Great Britain to world dominance, the industrialization of Western Europe, and the political and economic expansion of European powers into Asia, Africa and the Americas.The period from 1700 to 1850 saw many dramatic changes in the world economy. Frequent war among the European nations also affected these changes, influencing the timing and perhaps the ultimate magnitude of intercontinental trade. In addition to discussions of commodity trade in different parts of the world, essays in these volumes deal with the effects of governmental policies towards the flows of capital and labour and the emergence of trading institutions and their impacts on economic development. Many deal with controversial topics such as the role of slavery and the slave trade on European development, the burdens of mercantilism, and the impact of European expansion on the economies of the less developed parts of the world.

Persistently large external imbalances in the world economy contributed to the outbreak of the recent financial crisis. The current account imbalances were particularly severe among the economies that border on the Pacific --the United States ran large deficits, with offsetting surpluses in East Asia. The depth and breadth of the global recession also demonstrated the need for a coordination of national policies to achieve a sustained recovery.

While the magnitude of global-trade disruption led to some reduction in the size of the imbalances, closer examination suggests that the progress may prove temporary. On the other hand, significant changes in the underlying patterns of saving and investment suggest that some of the recent rebalancing may prove to be more permanent. Are such imbalances really a problem? If so, why and for whom? What should be done about them --if anything --and what does the future likely hold for transpacific trade relations? In this timely book, Asian and American economists explore those important questions.

Copublished with the Asian Development Bank Institute, "Transpacific Rebalancing" is coedited by Barry Bosworth --long one of the Brookings Institution's leading economic analysts --and Masahiro Kawai, dean of the ADBI. They brought together leading economists from either side of the Pacific to analyze such issues as:

- The impact of exchange rates

- The policy choices facing the "Asian tigers"

- The specifics and effects of trade imbalances in specific countries including the United States, South Korea, Thailand, India, and China

Contributors include Hwee Kwan Chow, Susan M. Collins, Barry Eichengreen, Joonkyung Ha, Yping Huang, Ginalyn Komoto, Jong-Wha Lee, Rajiv Kumar, Deunden Nikomborirak, Gisela Rua, Lea Sumulong, Chalongphob Sussankam, Kunyu Tao, Willem Thorbecke, and Pankaj Vashisht.

This work is a study of the impacts of the North American Free Trade Agreement (NAFTA). By focusing on the issue of justice in the contexts of globalization and neo-colonialism, the book contributes to a broader discussion of the significance of NAFTA. Authors Laurence French and Magdaleno ManzanOrez emphasize cultural and ethnic issues in the relations of NAFTA partners and enrich treatment of the topic by bringing to bear sociology, political science, justice studies, psychology, and educational theory. The authors relate classical sociological theory to contemporary issues of social and criminal justice.

This volume is a unique study on the highly controversial issue of standard of review in WTO dispute resolution. Standards of review reflect the extent to which the WTO adjudication bodies can over-ride the decisions taken by national authorities. As such they play a crucial role in shaping the balance of power and responsibility for decisions on factual and legal issues. In recent years they have gained unprecedented political and systemic significance in WTO panel proceedings.
To what extent should panels and the Appellate Body review policy determinations of national or regional authorities of WTO members, both in terms of facts and law? Should they be guided by a policy of judicial restraint or should they review domestic measures de novo? This volume first addresses the tense relationship between international interdependence and national sovereignty against which WTO dispute settlement takes place. It then examines the notion of standards of review as one of the crucial elements in shaping the balance of power and responsibility for decisions on factual and legal issues. The current state of law and practice which has emerged through panel and Appellate Body reports is analysed and critically assessed in a commentary on the evolution of, and inconsistencies amongst, the relevant cases.
Standards of Review in WTO Dispute Resolution is a significant contribution to a perplexing subject. It also contributes to the clarification of basic issues of global Constitutionalism and the interface between domestic and international law.

The book explores the macroeconomic and sectoral employment implications (in agriculture, industry and services) of China's World Trade Organisation accession. It argues that while short-run employment losses may occur, in the longer term China will be able to generate additional employment particularly in the tertiary sectors; and that it can maintain its comparative advantage in labour-intensive exports by relocating production from high-cost coastal areas to the hinterland with abundant supply of cheap labour. It also argues that, although China is likely to benefit in the long run, in the short and medium term China is likely to face enormous problems, including increased unemployment as weaker links cease to be protected by tariffs, and the problem of restructuring state-owned enterprises.

Originally published in 1996. This study looks at the impact of exchange rate fluctuation on the pricing practices of foreign industries that import into the United States market. It presents several studies of the pass-through behaviour of over 100 disaggregated commodity groups with bi-lateral exchange rates. The book presents analysis of specific competitors and their individual pricing responses to exchange rate changes, adding significantly to pricing theory as well as being useful for marketers in predicting business responses.

How do international negotiations affect domestic politics? Starting in the 1990s, countries throughout Latin America embarked on many and simultaneous negotiations. On the shifting ground of widening and deepening trade agendas and diverse arenas, what factors determined trade politics? This book examines the domestic political dynamics triggered by South-South, North-South and multilateral agendas in Argentina and Chile between 1990 and 2005. Using a much-needed cross-negotiation and cross-country comparative perspectives, and through detailed empirical analyses of several key negotiations, it proposes an explanation that emphasizes the interplay between international negotiations and domestic trade politics, taken as the result of the complex and dynamic interdependencies and interrelations between state and society. Informed by interviews with public officials, businesses and civil society, the analysis reveals that variation in the depth of agendas, the distributional effects and the uncertainty of political outcomes all have important consequences for domestic preference formation, collective action strategies and types of relationships. Given this, the variety of negotiations, when considered separately and comparatively, show that South-South, North-South and multilateral processes promote different patterns of trade politics. In sum, although national specificities and historical legacies are important, the book argues that trade policy comes first in creating domestic politics in Latin America.

The concept of 'good governance' is of increasing importance, and is used by international organizations to ensure reasonable conformity to high standards in states which participate in the global trading regime and other international activities. This book examines the concept of good governance and how it is applied in the states of the Gulf Co-operation Council. These states are particularly important because of their strategic location and massive oil wealth. Moreover, as monarchies, in most cases without powerful democratic representative bodies, and as Islamic countries, with a different outlook from countries of the West, Western standards of good governance may need to be modified in order for them to be implemented effectively.

The South Caucasus has established itself as a corridor for transporting energy from Azerbaijan to Georgia, Turkey, and on to Europe, symbolized by the Baku-Tbilisi-Ceyhan oil pipeline. This new infrastructure has created an east-west "Eurasian bridge" in which transnational extra-regional actors, especially the European Union and international financial institutions, have played a critical role. This book offers an original exploration of integration in the energy and transport sectors amongst Azerbaijan, Georgia, and Turkey, and the capacity of this to fundamentally change relations between these countries. In the period studied, from the mid-1990s to 2008, integration in energy and transport did not result in broader political, security, and sociocultural integration in any significant way. The author sets his analysis in a theoretical framework, drawing on theories of integration, but also grounds it in the detailed, empirical knowledge that is the measure of true expertise.

Fair trade is a fast-growing alternative market intended to bring better prices and greater social justice to small farmers around the world. But is it working? This vivid study of coffee farmers in Mexico offers the first thorough investigation of the social, economic, and environmental benefits of fair trade. Based on extensive research in Zapotec indigenous communities in the state of Oaxaca, Brewing Justice follows the members of the cooperative Michiza, whose organic coffee is sold on the international fair trade market. The book compares these families to conventional farming families in the same region, who depend on local middlemen and who are vulnerable to the fluctuations of the world coffee market. Written in a clear and accessible style and updated with an added chapter and a new conclusion, the book carries readers into the lives of these coffee-producer households and their communities, offering a nuanced analysis of both the effects of fair trade on everyday life and the limits of its impact. Brewing Justice paints a clear picture of the complex dynamics of the fair trade market and its relationship to the global economy. Drawing on interviews with dozens of fair trade leaders, the book also explores the changing politics of this international movement, including the challenges posed by the entry of transnational corporations into the fair trade system. It concludes by offering recommendations for strengthening and protecting the integrity of fair trade.

In quantity and importance, private standards are rapidly taking over the role of public norms in the international and national regulation of product safety. This book provides a comprehensive overview of the rise, role and status of these private product safety standards in the legal regulation of integrating markets. In international and regional trade law as in European and American constitutional and administrative law, tort law and antitrust law, the book analyses the ways in which legal systems can and do recognise private norms as 'law.' This sociological question of law's recognition of private governance is indissolubly connected with a normative question of democratic theory: can law recognize legal validity and democratic legitimacy outside the constitution, without constitutional political institutions and beyond the nation state? Or: can law 'constitute' private transnational governance? The book offers the first systematic treatment of European, American and international 'standards law' in the English language, and makes a significant contribution to the study of the processes of globalization and privatization in social and legal theory. For the thesis on which this book was based Harm Schepel was awarded the first EUI Alumni Prize for the "best interdisciplinary and/or comparative thesis on European issues" written at the EUI in recent years.

This book sets out techniques for using general equilibrium numerical trade models and their application for both researchers and practitioners in governmental and international agencies. The chapters are connected by the broader theme of application of general equilibrium computational methods to a range of policy and other issues involving the global economy and international trade. They reflect a long evolution in method and application from the early 1970's until today.The chapters include procedures that allow a competitive equilibrium in international trade with tariffs to be calculated. Results of calculations of optimal tariffs with and without retaliation in a sequence of simplified two-good, two-country trade models are provided. A numerical general equilibrium model of international trade involving major world trading blocs (the United States, Japan, the EEC and the Rest of the World) is used to analyze the effects of alternative tariff-cutting formulae proposed by the major participants in the Tokyo Round negotiations under the GATT.

Mshomba provides a systematic study of Africa as it relates to the World Trade Organization. He examines the WTO's enforcement mechanism; the WTO's broadened mandate, illustrated by the Agreement on Trade-Related Intellectual Property Rights; agriculture in the Doha Round; issues relating to transparency in government procurement; and the endeavor to streamline assistance to developing countries through an 'Aid for Trade' initiative. The author integrates theory and practice, with a clear presentation of important economic concepts. He provides a rigorous analysis of key issues and proposals. He presents African countries as having an important role to play in the WTO, especially as they actively engage in bargaining through various coalitions. Mshomba acknowledges that WTO negotiations will always be complex and at times contentious due to wide economic and political differences between countries. He views the differences, however, as creating opportunities for a mutually beneficial exchange of goods, services and ideas.

The European Union (EU) is at the forefront of engaging in external trade relations outside of the World Trade Organization (WTO) with entire regions and economic powerhouses. Understanding why and how the EU engages in one of the most active fields of external relations is crucial. This book fills a gap in the literature by analysing motives on the modes - bilateralism, inter-regionalism, or multilateralism - of EU external trade relations towards regional organizations in Asia and Latin America outside of the WTO. In particular, it examines why the EU turned from interregional to bilateral external trade relations towards these world regions - a question that is, to date, under-researched. By developing and testing an original approach rooted in realist theorizing coined 'commercial realism', it examines systematically the explanatory power of commercial realism against liberal-institutionalist approaches dominant in the literature on EU external relations through five in-depth case studies. This book will be of key interest to scholars and students in EU Politics/Studies, EU external relations, inter-regionalism and more broadly to International Relations and International Political Economy.

First published in 1903, this collects together speeches given by H.H. Asquith to refute the charge that those who defended Free Trade at the turn of the century were ignorant or indifferent to actual and potential economic forces, and also clung to obsolete conceptions of the Empire. The author intends to vindicate Britain's contemporaneous fiscal system, not as academic dogma, but as a concrete and living financial policy. In pursuit of this he undertakes to expose what he argues are the "blunders of fact and logic" of the new protectionist campaign, illustrated with extracts from the speeches of the Chancellor of the Exchequer Austen Chamberlain - whose advocacy of protectionism provides the focus for the collected speeches.

Power inequalities and mistrust have characterized many interstate relationships. Yet most international relations theories do not take into account power and mistrust when explaining cooperation. While some scholars argue that power relations inhibit cooperation between states, other scholars expect interstate cooperation regardless of the power relations and level of trust. Strategic Cooperation: Overcoming the Barriers of Global Anarchy argues that although states benefit from cooperation, they are also wary of the power relations between states, making cooperation difficult. Successful and cooperative bilateral relationships are formed between strong and weak states that are power asymmetric and have mistrust of one another, but they are built in such as way as to overcome the problem of power asymmetry and mistrust. This book answers how and why states that are in power asymmetry and have mistrust of one another are able to build a cooperative bilateral relationship. It argues that states forge a relationship due to strategic needs such as economic or security needs. Slobodchikoff has developed a database composed of the whole population of bilateral treaties between Russia and each of the former Soviet republics, and examines all of these bilateral relationships. He finds that Russia indeed forged relationships with the former republics based on its strategic interests. However, despite Russia's strategic interests, it had to build a bilateral relationship that would address the issues of mistrust and power asymmetry between the states. To achieve this, Russia and the former Soviet republics created treaty networks, which served to legitimize as well as legalize the independent status of each of the former republics while also increasing the cost to Russia of violating any of the treaties. This book argues that strong treaty networks account for a more cooperative relationship between states, allowing both states to cooperate by alleviating the problems of mistrust and power asymmetry.

Extending the frontiers of commodity chain research, this distinctive volume includes original work from major figures in sociology, history, geography, and labor studies. It underscores the wide and interdisciplinary appeal of chain approaches for analyzing the economic, social, and political dimensions of international trade and production networks.
Commodity chain analysis sheds light on the political and ecological implications of economic globalization and on how activists in pursuit of social justice, workers' rights, and environmental protection can use it. Following a substantive review of literature in the field, the collection goes on to examine theoretical and methodological debates over how to conduct research on global commodity and value chains, how power is exercised through these chains, and how global economic activities are coordinated across space. The result is a rich and unusually coherent volume that demonstrates how commodity and value chain analysis is informing contemporary research in a variety of fields.

Regulatory Counter-Terrorism explores an emerging terrain in which the global governance of terrorism is expanding. This terrain is that of proactive regulatory governance - the management of the day-to-day activities of individuals and entities in order to pre-emptively minimize vulnerability to terrorism. Overshadowed by the more publicized dimensions of military and criminal justice responses to terrorism, regulatory counter-terrorism has grown in size and impact without stirring up as much academic debate. Through a critical assessment of international regulatory counter-terrorism in three areas - financial services, the control of arms and dangerous materials, and the cross-border movement of persons and goods - this volume identifies a dynamic trend. This is the refashioning of international rule making into a flexible and experimental exercise. This volume shows how this transformation is affecting societies across the world in new ways and in the process unravelling settled understandings of international law. Furthermore, through an in-depth analysis of the working processes of UN counter-terrorism bodies and the Financial Action Task Force, this book illustrates that the monitoring of the global counter-terrorism regime is, contrary to accepted understanding, in the main collaborative and managerial, and coercive only peripherally. Dynamic rule making and soft monitoring complement each other, but this is a reason for concern: the softening of international monitoring encourages regulatory adventurism by states in tackling terrorism, while the element of self-correction in dynamic rule making helps silence the calls for institutionalized mechanisms of accountability. This volume will be of great interest to students and scholars of counter-terrorism, security studies, global governance, and international law.

This book provides one of the first interdisciplinary reviews of the relationship between services, globalisation and trade liberalisation as we enter the twenty-first century. Written by academics and policymakers, it contains a detailed analysis of the characteristics of service trade and of recent and current service trade negotiations. The authors focus on exploring the complex relationship between the process of globalisation and the globalisation of services taking into consideration service trade negotiations. Many service functions reduce the relative distance between places and more importantly enable the process of globalisation. The globalisation of service functions is complex. Services are different from goods as they depend on human capital (embodied knowledge and reputations) and have to be localized to meet specific cultural and political requirements. The General Agreement on Trade in Services (GATS) needs to be informed by an understanding of the differences that exist between goods and services as well as by the processes by which services globalise. The GATS has to be more than just about quantitative-based policies but also has to explore national regulations that inhibit trade in services. This book will be of special interest to economists, geographers and policymakers with a specific involvement in service trade and trade liberalization.

The development of modern biotechnology has varied considerably from country to country. Typically, there are wide technology gaps between developing and industrialised countries and considerable differences in investment and regulatory systems, often creating a need for policy intervention. This innovative book examines the development and evolution of biotechnology in industrialised and developing countries. The author first explores efforts made by policymakers and the leaders in the field to reduce technology gaps, and analyses the development of financial mechanisms and regulatory frameworks to hasten the adoption and diffusion of biotechnology. The second section looks at the relationship between biotechnology and its resource base, biological diversity. The author emphasizes the interdependency between biodiversity and biological R&D in an attempt to simplify the debate on the conservation of biological diversity. The last section focuses on the potential positive and negative impacts of biotechnology and its contribution towards sustaining biodiversity. The Emergence and Growth of Biotechnology will be of great interest to undergraduate and postgraduate economics students interested in the economics of technology, economic development and biotechnology and environmental conservation.

Agriculture has been the unruly horse of the GATT/WTO system for a long time and efforts to halter it are still ongoing. This Research Handbook focuses on aspects of agricultural production and trade policy that are recognized for their importance but are often kept out of the limelight, such as the implication of national and international agricultural production and trade policies on national food security, global climate change, and biotechnology. It provides a summary of the state of the WTO agriculture negotiations as well as the relevant jurisprudence, but also, and uniquely, it focuses on the new and emerging issues of agricultural trade law and policy that are rarely addressed in the existing literature. With contributions from a multi-disciplinary team of leading analysts from around the world, this Research Handbook will appeal to trade negotiators, international trade law and policy academics as well as postgraduate students in the field. Contributors include: K. Anderson, D. Blandford, M. Cardwell, I. Carreno, M.G. Desta, G. Dutfield, C. Haberli, L.A. Jackson, T. Josling, E. Laurenza, A. Matthews, J.A. McMahon, F. Smith, S. Switzer

This handbook provides a unique opportunity to bring together several different strings of debates, especially useful to the growing focus on responsibility which increasingly demands interdisciplinary approaches. It focuses on practices and normativity in ways that are often overlooked by a focus on accountability. It highlights the contested meaning of responsibility. In addition to its academic purpose, it may also prove of interest to policy-makers, think tanks, policy research institutes.

Several years have passed since the 'store wars' over barriers to foreign products at Japanese distribution firms. Yet among English-speaking readers, how these firms operate remains a puzzle. In this book, the best Japanese scholars in their fields attempt to unravel that puzzle. Avoiding culture-based explanations, they employ a systematic and rigorous economic logic---yet, since they also avoid mathematical notation, the argument remains accessible to generalist readers.

Over the last two decades or so, a number of developing countries have become important suppliers of manufactured goods. A good deal of these goods are produced under extremely poor working conditions, incompatible with the fundamental rights and freedoms. However, WTO rules do not allow restrictions on imports of such goods, and the ILO hardly ever sanctions violations of international labor standards. On the one hand, this leaves exporting countries free to compromise on labor protection in order to enhance their competitiveness on foreign markets. On the other hand, importing countries are obliged to keep their markets open for goods produced under substandard labor conditions. This gives rise to the question of whether the rules of the multilateral trading system should be linked to international labor standards. This study argues that there are two trade-related reasons for establishing such a link. The first one is commonly referred to as social dumping. GATT rules enshrine the principles that should govern international trade: fairness and responsibility. These principles should also apply where trade meets labor protection. Exporting goods made under substandard labor conditions is unfair and distorts trade. It would therefore be consistent to make social dumping actionable. The other reason concerns the responsibility of importing countries. Increased imports of goods produced under substandard labor conditions are an incentive for the exporting country to produce more goods under the same labor conditions, and ship them to the same importing country. This results in a proliferation of violations of labor standards, for which the importing country shares the responsibility. There is a need to adopt a link between trade and labor standards enabling the importing country to cap imports in order to escape the blame.

The second half of the twentieth century saw the emergence of international economic law as a major force in the international legal system. This force has been severely tested by the economic crisis of 2008. Unable to prevent the crisis, the existing legal mechanisms have struggled to react against its direst consequences. This book brings together leading experts to analyse the main causes of the crisis and the role that international economic law has played in trying to prevent it, on the one hand, and worsening it, on the other. The work highlights the reaction and examines the tools that have been created by the international legal field to implement international cooperation in an effort to help put an end to the crisis and avoid similar events in the future. The volume brings together eminent legal academics and economists to examine key issues from the perspectives of trade law, financial law, and investment law with the collective aim of reform of international economic governance.