China's recent economic reforms have opened its economy to the world. This policy, however, is not new: in the late nineteenth century, the United States put forward the Open Door Policy as a counter to European exclusive 'spheres of influence' in China. This book, based on extensive original archival research, examines and re-evaluates China's Open Door Policy. It considers the policy from its inception in 1899 right through to the post-1978 reforms. It relates these changes to the various shifts in China's international relations, discusses how decades of foreign invasion, civil war and revolution followed the destruction of the policy in the 1920s, and considers how the policy, when applied in Taiwan after 1949, and by Deng Xiaoping in mainland China after 1978, was instrumental in bringing about, respectively, Taiwan's 'economic miracle' and mainland China's recent economic boom. The book argues that, although the policy was characterised as United States 'economic imperialism' during the Cold War, in reality it helped China retain its sovereignty and territorial integrity.

In recent years, the EU has negotiated a number of so-called 'new generation' Free Trade Agreements (FTAs) with a significant number of emerging and industrialized partners, such as Canada, Singapore, Japan, Vietnam and others. This timely book gives an overview of the main constitutional issues the EU faces in negotiating, concluding and implementing these FTAs. Featuring contributions by international specialists on EU external action, this book demonstrates why these FTAs have become challenging for the EU, as well as analysing how the EU has dealt with its institutional constraints in order to remain a major international trade actor. Chapters first examine questions around EU competences and democratic issues raised by these agreements, before dealing with their implementation and enforcement, approaching these topics specifically from an EU law perspective. Drawing on a broader research project conducted by the well-regarded LAwTTIP network, this invaluable book addresses contemporary debates and future challenges for EU institutions and Member States. Scholars and advanced students of international economic relations and international and European economic law, particularly those with an interest in EU external action, will find this book essential reading. It will also prove useful to those working in EU institutions and WTO administration. Contributors include: J. Auvret-Finck, I. Bosse-Platiere, F. Casolari, E. Castellarin, F. Castillo De La Torre, M. Chamon, L.-M. Chauvel, A. de Nanteuil, J.F. Delile, M. Gatti, E. Neframi, N. Neuwahl, C. Rapoport, G. Sangiuolo, A. Suse, C. Tovo, W. Weiss, J. Wouters

Since the collapse of the Soviet Union, Gazprom has dominated the Russian gas industry. However, the markets in which it operates have changed dramatically, with the company increasingly being challenged at home and abroad. At this critical moment, this insightful book analyses the involvement of the Russian gas industry in the changing international gas market and the dramatic implications for Russia's role as a global supplier of gas in the future. James Henderson and Arild Moe explore the link between changes in Russia s domestic market, where new players have recently emerged, and the development of Russia's gas export business. In particular, they assess the growing importance of LNG exports and the role of Novatek in developing this new business area for Russia. They also review changes in European gas trade and the development of new EU regulations, analysing the ambiguities in Europe's position on gas exports from Russia and showing why efforts to limit expansion of Russian gas exports have been unsuccessful. Timely and comprehensive, this book is critical reading for academics and researchers interested in the development of the global gas market. Policymakers and economists, particularly Russian specialists, will benefit from this book's key insights into the economic and political consequences of Russia's changing role in the global gas market.

First published in 1978. This book provides a simple, systematic, yet rigorous treatment of the key aspects of the pure theory of international trade and distortions. The opening chapter presents the standard two-factor, two-commodity barter model of international trade and a comprehensive treatment of the important properties and relationships. The rest of the book consists of four sections: parts One and Two are devoted to an analysis of factor market imperfections, and Parts Three and Four consider the trade-theoretical consequences of product market imperfections. A concluding chapter presents some generalised theorems. This book would be of interest to students of economics.

In a deeply iniquitous world, where the gains from trade are distributed unevenly and where trade rules often militate against progressive social values, human health, and sustainable development, NGOs are widely touted as our best hope for redressing these conditions. As a critical voice of the poor and marginalized, many are engaged in a global struggle for democratic norms and social justice. Yet the potential for NGOs to bring about meaningful change is limited. This book examines whether improvements in participatory opportunities for progressive NGOs results in substantive and normative policy change in one of the major trading powers, the European Union. Hannah advances a constructivist account of the role of NGOs in the EU's trade policymaking process. She argues that NGOs have been instrumental in providing education, raising awareness, and giving a voice to broader societal concerns about proposed trade deals, both when they take advantage of formal participatory opportunities and when they protest from the streets and in the media. However, the book also highlights how NGO inputs are mediated by the social structure of global trade governance. Epistemes-the background knowledge, ideological and normative beliefs, and shared assumptions about how the world works-determine who has a voice in global trade governance. Showing how NGOs succeed only when their advocacy conforms broadly to the dominant episteme, this book will be of value to scholars and students with an interest in NGOs and international trade negotiations. It will also be of interest to policymakers, national trade negotiators, government departments, and the trade policy community.

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).

Since the days of Adam Smith, Mercantilism has been a hotly debated issue. Condemned at the end of the 18th century as a "false" system of economic thinking and political practice, it has returned paradoxically to the forefront in regard to issues such as the creation of economic growth in developing countries. This concept is often used in order to depict economic thinking and economic policy in early modern Europe; its meaning and content has been highly debated for over two hundred years. Following on from his 1994 volume Mercantilism - The Shaping of an Economic Language, this new book from Lars Magnusson presents a more synthetic interpretation of Mercantilism not only as a theoretical system, but also as a system of political economy. This book incorporates samples of material from the 1994 publication alongside new material, ordered in a new set of chapters and up-date discussions on mercantilism up to the present day. Tracing the development of a particular political economy of Mercantilism in a period of nascent state making in Western and Continental Europe from the 16th to the 18th century, the book describes how European rulers regarded foreign trade and industrialisation as a means to achieve power and influence amidst international competition over trades and markets. Returning to debates concerning whether Mercantilism was a system of power or of wealth, Magnusson argues that it is in fact was both, and that contemporaries almost without exception saw these goals as interconnected. He also emphasises that Mercantilism was an all-European issue in a time of trade wars and the struggle for international power and recognition. In examining these issues, this book offers an unrivalled modern synthesis of Mercantilist ideas and practices.

This book analyses whether, and how, equity and equitable principles can be employed as juridical tools in the legal reasoning of judges and lawyers in World Trade Organization (WTO) disputes where there is interaction between norms derived from the multilateral trade regime and other international legal regimes. Bringing the literature on equity and equitable principles in international law up to date this book tackles several legal problems which have emerged in WTO dispute settlement practice as well as engaging with the concept of the fragmentation of international law. The book provides an original argument about the role and significance of equity and equitable principles in the debate over fragmentation by providing a coherent methodology for addressing conflicts and overlaps between WTO and non-WTO norms in the context of Dispute Settlement Body proceedings.

The European Union (EU) has emerged as a key actor in the global investment regime since the 1980s. At the same time, international investment policy and agreements, which govern international investment liberalisation, treatment and protection through investor-to-state dispute settlement, have become increasingly contentious in the European public debate. This book provides an accessible introduction to international investment policy and seeks to explain how the EU became an actor in the global investment regime. It offers a detailed analysis of the EU's participation in all major trade and investment negotiations since the 1980s and EU-internal competence debates to identify the causes behind the EU's growing role in this policy domain. Building on principal-agent and historical institutionalist models of incremental institutional change, the book shows that Commission entrepreneurship was instrumental in the emergence of the EU as a key actor in the global investment regime. It refutes business-centred liberal intergovernmental explanations, which suggest that business lobbying made the Member States accept the EU's growing role and competence in this domain. The book lends support to supranational and challenges intergovernmental thinking on European Integration. This text will be of key interest to scholars, students and practitioners of European and regional integration, EU foreign relations, EU trade and international investment law, business lobbying, and more broadly of international political economy.

Avinash Dixit and Joseph Stiglitz revolutionized the modelling of imperfectly competitive markets and launched "the second monopolistic competition revolution". Experts in the areas of macroeconomics, international trade theory, economic geography, and international growth theory examine the success of the second revolution in this collection of papers. They reveal what appears to be "missing" and look forward to the next step in the modelling of imperfectly competitive markets. The text includes a comprehensive survey of the two monopolistic competition revolutions, and previously unpublished working papers by Dixit and Stiglitz that led to their famous 1977 paper.

Developing countries make up the majority of the membership of the World Trade Organization. Many developing countries believe that the welfare gains that were supposed to ensue from the establishment of the WTO and the results of the Uruguay Round remain largely unachieved. Coming on the heels of the 9/11 terrorist attacks, the ongoing Doha Development Round, launched in that Middle Eastern city in the fall of 2001, is now on 'life support'. It was inaugurated with much fanfare as a means of addressing the difficulties faced by developing countries within the multilateral trading system. Special and differential treatment provisions in the WTO agreement in particular are the focus of much discussion in the ongoing round, and voices for change are multiplying because of widespread dissatisfaction with the effectiveness, enforceability, and implementation of those special treatment provisions.

This book explores tensions in global trade by examining the role of experts in generating, disseminating and legitimating knowledge about the possibilities of trade to work for global development. To this end, contributors assess authoritative claims on knowledge. They also consider structural features that uphold trade experts' monopoly over knowledge, such as expert language and legal and economic expertise. The chapters collectively explore the tensions between actors who seek to effect change and those who work to uphold the status quo, exacerbate asymmetries, and reinforce the dominant narrative of the global trade regime. The book addresses the following key overarching research questions: Who is considered to be a trade expert and how does one become a knowledge producer in global trade? How do experts acquire, disseminate and legitimate knowledge? What agendas are advanced by expert knowledge? How does the discourse generated within trade expertise serve to close off alternative institutional pathways and modes of thinking? What potential exists for the emergence of more emancipatory global trade policies from contemporary developments in the field of trade expertise? This book will be of great interest to students and scholars of IPE, Trade Politics, International Relations, and International Organizations.

This book examines the contemporary production of economic value in today's financial economies. Much of the regulatory response to the global financial crisis has been based on the assumption that curbing the speculative 'excesses' of the financial sphere is a necessary and sufficient condition for restoring a healthy economic system, endowed with real values, as distinct from those produced by financial markets. How, though, can the 'intrinsic' value of goods and services produced in the sphere of the so-called real economy be disentangled from the 'artificial' value engineered within the financial sphere? Examining current projects of international legal regulation, this book questions the regulation of the financial sphere insofar as its excesses are juxtaposed to some notion of economic normality. Given the problem of neatly distinguishing these domains - and so, more generally, between economy and society, and production and social reproduction - it considers the limits of our current conceptualization of value production and measurement, with specific reference to arrangements in the areas of finance, trade and labour. Drawing on a range of innovative work in the social sciences, and attentive to the spatial and temporal connections that make the global economy, as well as the racial, gender and class articulations of the social reproductive field within it, it further asks: what alternative arrangements might be able to affect, and indeed alter, the value-making processes that underlie our current international regulatory framework?

Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of 'culture' as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command - the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market 'policing' by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.

The transformation of the BRIC acronym from an investment term into a household name of international politics and into a semi-institutionalized political outfit (called BRICS, with a capital 'S'), is one of the defining developments in international politics in the past decades. While the concept is now commonly used in the general public debate and international media, there has not yet been a comprehensive and scholarly analysis of the history of the BRICS term. The BRICS and the Future of Global Order, Second Edition offers a definitive reference history of the BRICS as a term and as an institution-a chronological narrative and analytical account of the BRICS concept from its inception in 2001 to the political grouping it is today. In addition, it analyzes what the rise of powers like Brazil, Russia, India, China, and South Africa means for the future of global order. Will the BRICS countries seek to establish a parallel system with its own distinctive set of rules, institutions, and currencies of power, rejecting key tenets of liberal internationalism, are will they seek to embrace the rules and norms that define today's Western-led order?

This comprehensive and accessible book examines the evolution of the multilateral trade regime in the ever-changing global economic environment, particularly during the WTO era and the ongoing Doha Round. Professor Das explores how the creation of the multilateral trade regime, or the GATT/WTO system, has been fraught with difficulties. He describes the ways, by means of various rounds of negotiations, the multilateral trade regime has constantly adjusted itself to the new realities of the global economy. One glance at the recent history indicates that the evolution of the multilateral trade regime was far from even-handed and steady. The GATT/WTO system was repeatedly pushed to the brink of utter and ignominious disaster. Yet, as the author illustrates, the participating economies persevered. Consequently, the fabric of multilateral trade regime is stronger, its foundation deeper and its framework wider now than it was a generation ago. Unlike the GATT era, membership of the present trade regime is close to universal. The author concludes that of the two phases, the latter has turned out to be the more arduous, intricate and complex phase of evolution. Students and scholars of economics, international trade, international political economy and international relations will find this study of great interest. The definitions and explanations of terminology and advanced concepts make the book accessible to those without an extensive economic background.

This book offers a critical reflection of the North-South regional trade agreements (RTAs), known as the Economic Partnership Agreements, negotiated between the EU and the African, Caribbean, and Pacific countries. Conceiving of regions as legal regimes, Clair Gammage highlights the challenges facing developing countries when negotiating RTAs with developed countries. North-South Regional Trade Agreements as Legal Regimes offers a rich analysis of the negotiations between the EU and the southern African regional group as well as a factual presentation of liberalisation under the final agreement. Interrogating the assumption that economic growth will lead to sustainable development, this book draws insights from the experience of the Caribbean countries as they implement their Economic Partnership Agreement to question the extent to which RTAs between developed and developing countries will and can promote development through trade. This unique book will appeal to academics and advanced students in international trade law and development law. Trade practitioners in government, the private sector and civil society, including those involved in policy making and challenging the policy making process will appreciate the author's lucid analysis of analysis of the law and the broader concept of promoting development through trade.

Against the backdrop of growing anti-globalisation sentiments and increasing fragmentation of the production process across countries, this book addresses how the Indonesian economy should respond and how Indonesia should shape its trade and industrial policies in this new world trade environment. The book introduces evaluation not on tariffs but on new trade instruments such as non-tariff measures (SPS, TBT, export measures and beyond border measures), and looks at industrial policies from a broader perspective such as investment, accessing inputs, labour, services, research and innovation policies. "The Open Access version of this book, available at http://www.taylorfrancis.com/books/10.4324/9781315161976, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license."

The World That Trade Created brings to life the history of trade and its actors. In a series of brief, highly readable vignettes, filled with insights and amazing facts about things we tend to take for granted, the authors uncover the deep historical roots of economic globalization. Covering over seven hundred years of history, this book, now in its fourth edition, takes the reader around the world from the history of the opium trade to pirates, to the building of corporations and migration to the New World. The chapters are grouped thematically, each featuring an introductory essay designed to synthesize and elaborate on key themes, both familiar and unfamiliar. It includes ten new essays, on topics ranging from the early modern ivory and slave trades across the Indian Ocean, to the ways in which the availability of new consumer goods helped change work habits in both Europe and East Asia, and from the history of chewing gum to that of rare earth metals. The introductory essays for each chapter, the overall introduction and epilogue, and several of the essays have also been revised and updated. The World That Trade Created continues to be a key resource for anyone teaching world history, world civilization, and the history of international trade.

Water scarcity is an increasing problem in many parts of the world, yet conventional supply-side economics and management are insufficient to deal with it. In this book the role of water trading as an instrument of integrated water resources management is explored in depth. It is also shown to be an instrument for conflict resolution, where it may be necessary to reallocate water in the context of increasing scarcity. Recent experiences of implementation in different river basins have shown their potential as instruments for improving allocation. These experiences, however, also show that there are implementation challenges and some limitations to trading that need to be considered. This book explores the various types of water trading formulas through the experience of using them in different parts of the world. The final result is varied because, in most cases, trading is conditioned by the legal and institutional framework in which the transactions are carried out. The role of government and the definition of water rights and licenses are critical for the success of water trading. The book studies the institutional framework and how transactions have been undertaken, drawing some lessons on how trading can improve. It also analyses whether trading has really been a positive instrument to manage scarcity and improve water ecosystems and pollution emission problems in those parts of the world which are most affected. The book concludes by making policy proposals to improve the implementation of water trading.

From 1823 to 1860 a fleet of small, fast brigs and schooners carried chests of opium from India to China, often facing the challenges of pirates and typhoons along the way. This shadowy trade, conducted by American, British, and Indian firms, thrived despite its moral and legal consequences. Drawing largely on primary sources, the story of the opium trade comes through in the voices of those who saw it firsthand. Appendices describe a favourite shipboard recipe, two of the ships involved in the trade and their crews, excerpts from accounts of the Opium War, and language equivalents for proper and place names. A bibliography is included, and maps and photographs help illumine this important and unusual period of history.

Human Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement.In particular, the book focuses on the forces underlying long-lasting growth in East Asia's Newly Industrialized Countries (NICs). Drawing from the experiences of Hong Kong, South Korea, Singapore and Taiwan, it questions whether public policy can contribute to removing barriers towards accumulation of wealth, and if so, what development policy should be put in place to remedy the existing distortions or market failure problems. Theoretical and empirical analyses are also used to broach other important issues, such as: Why do some economies experience growth while others decline? What are the major determinants of long-term growth and development? Is human capital the main driving force? Does international trade play a crucial role? This book will appeal to those with an interest in development and public policy.

In the past 15 years, the nations of the Western Hemisphere have staged a remarkable revolution --in the way they trade with their neighbors. First, after decades of restrictive import policies, several countries began to liberalize their trade and investment regimes. Then, beginning a decade ago, numerous bilateral and sub-regional trade agreements were achieved, to serve as vital complements to domestic reforms and to foster trade flows among member countries. At the Second Summit of the Americas in 1998, negotiations among 34 democracies were launched to establish the Free Trade Area of the Americas (FTAA). This report takes stock of the remarkable progress to date in the development of free trade in the Western Hemisphere. It examines trade flows between countries in the same regional groupings and between members of different sub-regional arrangements. The report describes the main characteristics of the trade arrangements signed between countries of the Hemisphere and explores the development of trade rules in these arrangements. Finally, the report details recent advances in the construction of the FTAA.

An accessible introduction to multimodal contracts of carriage, Multimodal Transport Law works from general principles toward specific, technical problems. Adopting an international approach, it addresses such key topics as: Contracts of carriage Transport documents The parties to a contract of carriage International conventions on the carriage of goods Multimodal situations covered by unimodal conventions Conflict of laws The rules applicable to the individual legs of multimodal contracts of carriage The Rotterdam Rules Providing a close examination of the relevant rules, regulations and case law, this is essential reading for law students, useful for claims handlers and practitioners, and of interest for academics and legislators seeking a better appreciation of multimodal contracts of carriage.

This work examines the endeavours of the Arabian Peninsula States - namely the Gulf Cooperation Council member States of Bahrain, Kuwait, Oman, Qatar Saudi Arabia and the UAE, as well as Jordan and Yemen as prospective GCC members - in establishing national intellectual property protection regimes which both meet their international treaty obligations and are also congruent with their domestic policy objectives. It uses the WTO's TRIPS Agreement of 1995 as the universal benchmark against which the region's laws are assessed. The challenges faced by the States in enforcing their intellectual property laws receive particular attention. Protecting Intellectual Property in the Arabian Peninsula considers the changing nature of the States' intellectual property laws since 1995. It argues that the decade immediately following the TRIPS Agreement was marked by a period of foreign forces shaping or influencing the character of the States' intellectual property legislative regimes, primarily through multilateral or bilateral trade-based agreements. The second and current decade, however, see a significant shift away from foreign influences and a move towards domestic and regional imperatives and initiatives taking over. The work also examines regional initiatives for the protection of traditional knowledge and cultural heritage, as areas of intellectual property which fall outside the parameters of the TRIPS Agreement, but which are of significant concern to the States and other developing countries, and to which they are giving increasing attention in terms of providing proper protection.