The World Trade Organization in the New Global Economy

The World Trade Organization in the New Global Economy

Trade and Investment Issues in the New Millennium Round

New Horizons in International Business series

Edited by Alan M. Rugman and Gavin Boyd

Despite the disruption of the multilateral trade talks at Seattle in December 1999, the work of the World Trade Organization (WTO) continues. The trade and investment issues that have been outstanding since the Seattle events are explored in this far reaching book. The distinguished contributors combine several analytical approaches for a comprehensive assessment of the trends, problems and opportunities demanding attention in international trade negotiations.

Chapter 11: The world trading system: collective management potentials

Gavin Boyd

Subjects: business and management, international business, economics and finance, international economics


Gavin Boyd Study of the world trading system, as it operates under the auspices of, as well as outside of, the World Trade Organization (WTO), brings into view issues that set requirements for collective management, in the common interest, within regional contexts and at the global level. These issues are posed because of the largely ungoverned internationalization of market efficiencies and failures; imbalances in the spread of gains from foreign commerce; increasing disparities in the market strengths of firms; and shifts in the bargaining strengths and policy orientations of governments. Certain categories of issues relate to the WTO as a bargaining forum facilitating the negotiation of changes in economic openness, and as a regime in which the outcomes of interactions between governments depend in varying degrees on their observance of agreed although not fully internalized principles and rules. The principles and rules have been formulated as expressions of a spirit of cooperation, but the dominant bargaining processes are between the USA and the European Union, and with much adversarial legalism result in hard and precise agreements rather than affirmations of commitments to trustful and adaptive cooperation. The structural and policy interdependencies of states are changing continually in the world economy, as firms competing for international market shares engage in foreign production and trade, and as governments make diverse attempts to increase structural competitiveness and to improve current accounts. Contrasts in cultures, institutions, and in corporate operations and in national policies have extensive effects, inviting analysis in terms of...

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