Efficiency, Equity, and Legitimacy: The Multilateral Trading System at the MillenniumThe 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 efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy? |
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Contents
Efficiency Equity and Legitimacy The Global Trading System in the TwentyFirst Century | 3 |
Dark Clouds over Geneva? The Troubled Prospects of the Multilateral Trading System | 16 |
A Rough Map of Challenges to the Multilateral Trading System at the Millennium | 34 |
After Seattle Free Trade and the WTO | 50 |
A New Framework for Globalization | 63 |
Efficiency | 79 |
Assessing the Efficiency Gains from Further Liberalization | 81 |
Comment | 106 |
Comment | 253 |
Comment | 259 |
The Club Model of Multilateral Cooperation and Problems of Democratic Legitimacy | 264 |
Comment | 295 |
Comment | 301 |
Are the Judicial Organs of the World Trade Organization Overburdened? | 308 |
Comment | 329 |
The Rule of Lawyers and the Ethos of Diplomats Reflections on WTO Dispute Settlement | 334 |
Efficient Protection through WTO Rulemaking | 114 |
Comment | 142 |
Comment | 148 |
Part Two Summary | 151 |
Equity | 157 |
Market Access for Developing Countries | 159 |
Comment | 174 |
Whos Afraid of Globalization? Domestic Adjustment in Europe and America | 179 |
Comment | 205 |
Comment | 209 |
Fostering Equity through International Institutions | 212 |
Part Three Summary | 222 |
Legitimacy | 225 |
Legitimacy and Global Governance Why Constitutionalizing the WTO Is a Step Too Far | 227 |
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Common terms and phrases
adjustment agenda agriculture Appellate Body Article XXIV balance-of-payments benefits berween capital challenge competition consensus constitutional constitutionalism cooperation costs coun Dani Rodrik decisionmaking decisions democracy democratic developing countries dispure dispute settlement effect efficiency environment environmental Europe European Union example exports firms foreign free trade GATS GATT global governments groups growth important income increased industries inrellectual property Inrernational Economics inrernational institutions inrernational law inrernational organizations inrernational trade inrerpreration integration investment issues Jagdish Bhagwati judicial labor lawyers legitimacy market access measures ment NGOs nomic norms panel participation percent political poor countries problem procedures production prorectionist protection quota rechnological regimes regulatory rent seeking require restrictions role Seattle sector social standards Sylvia Ostry tariff tion tional trade liberalization trade negotiations trade policy transparency unemployment Unired United Stares Uruguay Round welfare workers World Bank World Trade Organization WTO Agreement WTO's