The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can...
The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half centu...
Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more...
Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital acc...
Beleaguered by mutual recrimination between rich and poor countries, squeezed by the zero-sum arithmetic of a shrinking global carbon budget, and overtaken by shifts in economic and hence bargaining power between these countries, international cooperation on climate change has floundered. Given these three factors--which Arvind Subramanian and Aaditya Mattoo call the "narrative," "adding up," and "new world" problems--the wonder is not the current impasse; it is, rather, the belief that progress might be possible at all.
In this book, the authors argue that any chance of progress must...
Beleaguered by mutual recrimination between rich and poor countries, squeezed by the zero-sum arithmetic of a shrinking global carbon budget, and o...
