The economic theory of Preferential Trade Agreements (PTAs), or discriminatory trade liberalization for and among a subset ofnations, was first analyzed with fun damental and startling insight by Jacob Viner (1950). He destroyed the intuition that any move towards free trade was welfare-enhancing, for the country itself or for the world, or for both. He introduced us memorably to the notion of trade di verting -- and here, he meant not diversion in the old and approving sense of en tertainment but in the modern and castigating sense ofdistorting - Free Trade Ar eas (FTAs) and Customs Unions...
The economic theory of Preferential Trade Agreements (PTAs), or discriminatory trade liberalization for and among a subset ofnations, was first analyz...
Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. That system is now being subjected to powerful centrifugal forces. Concerns with unfair trade are rampant, managed trade is increasingly popular, and regionalism is spreading. The United States, the traditional bulwark of multilateralism, has recently resorted to aggressive, unilateral tactics in trade policy. To a consideration of these developments, Bhagwati brings a unique blend of economic theory, historical scholarship, and familiarity with...
Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. T...
