Despite troubled trade negotiations, global tradeand trade policywill thrive in the twenty-first century, but with a bow to the past.
Is the multilateral trading order of the twentieth century a historical artifact?
Was the creation of the World Trade Organization in 1995 the high point of multilateral cooperation on trade? This new volume, edited by Bernard M. Hoekman and Ernesto Zedillo, assesses the relevance of the WTO in the context of the rise of China and the United States' turn toward unilateral protectionism.
The contributors adopt a historical perspective to discuss changes in global trade policy trends, adducing lessons from the past to help understand current trade tensions. Topics include responses to U.S. protectionism under the Trump administration, the policy dimensions of trade in services and the rise of the digital economy, how to strengthen the WTO to better negotiate new rules of the game and adjudicate disputes, managing China's integration into the global trade system, and the implications of global value chains for economic development policies.
By reflecting on past episodes of protectionism and how they were resolved, Trade in the 21st Century provides both context and guidance on how trade challenges can be addressed in the coming decades.
Preface: A Tribute to Patrick Messerlin
Introduction: The International Trading System in Prostration, Courtesy of the United States
Bernard Hoekman and Ernesto Zedillo
Part I: Trade Policy Trends and Developments
1. The Pre-Trump Buildup of Trade Discrimination: Scale, Drivers, and Effects
2. Antidumping and Market Competition: Implications for Emerging Economies
Chad P. Bown
3. The Trade Policy of the United States under the Trump Administration
4. China and the World Trading System: Will “In and Up” Be Replaced by “Down and Out”?
L. Alan Winters
5. Trade Wars: Nobody Expects the Spanish Inquisition
Eddy Bekkers, Joseph Francois, Douglas Nelson, and Hugo Rojas-Romagosa
6. “We Can Also Do Stupid”: The EU Response to “America First” Protectionism
7. Burning Down the House? The Appellate Body at the Center of the WTO Crisis
Bernard Hoekman and Petros C. Mavroidis
Part II: Challenges for Multilateral Cooperation
8. The Agricultural Challenge in the Twenty-First Century
Anne O. Krueger
9. Subsidies, Spillovers, and Multilateral Cooperation
Bernard Hoekman and Douglas Nelson
10. Disentangling Data Flows: Inside and Outside the Multinational Company
Erik Van Der Marel
11. What Can Be Done to Blunt Potential Conflict between Climate Change and Trade Policies?
12. Regional Trade Agreements and Trade Costs in Services
Sébastien Miroudot and Ben Shepherd
Part III: Economic Development and the Trading System
13. From Global Value Chains to Global Development Chains: Changing Paradigms
Olivier Cattaneo and Sébastien Miroudot
14. The Aid for Trade Initiative: A WTO Attempt at Coherence
15. Bananas, Subject of the Longest Transatlantic Dispute in the World Trading System: A Postmortem
Jaime De Melo
16. Unilateral Liberalization within the GATT/WTO System
Joseph Michael Finger
Appendix: Selected Publications by Patrick Messerlin