As highlighted by Pascal Lamy, the former head of the WTO, world
trade traditionally involves state-to-state contracts and is based
on an anachronistic 'monolocation' production/trade model. It
therefore struggles to handle new patterns of trade such as global
value chains, which are based on a 'multilocation' model. Although
it continues to provide world trade on a general level with a
powerful heuristic, the traditional 'rationalist' approach
inevitably leaves certain descriptive and normative blind spots.
Descriptively, it fails to explain important ideational factors,
such as culture and norms, which can effectively guide the
behaviour of trading nations with or without material factors such
as interests and utilities. Normatively, the innate positivism of
the traditional model makes it oblivious to the moral imperatives
of the current world trading system, such as development. This book
emphatically redresses these blind spots by reconstructing the WTO
as a world trade community from a social perspective.
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