The World Trade Organization in the New Global Economy Trade and Investment Issues in the New Millennium Round
Trade and Investment Issues in the New Millennium Round
- New Horizons in International Business series
Edited by Alan M. Rugman and Gavin Boyd
Chapter 5: Triad policy and interdependencies in the WTO
5. Triad policy and interdependencies in the WTO Gavin Boyd On trade and investment issues the USA, the European Union, and Japan interact at a level of global dominance in the multilateral pattern of the World Trade Organization (WTO). This is a pattern in which Atlantic relations are the most active, on the basis of cultural afﬁnities and high levels of structural interdependence, and are for the most part managed separately from US– Japan relations: the European Union and Japan interact distantly, thus in effect allowing the USA much scope for initiative. In this regard the USA has strong incentives to assert its interests as it has to cope with very large current account deﬁcits. Associated with the overall conﬁguration of Triad interactions are diverse asymmetries of policy interdependence, attributable to nationally very distinctive problems of advanced political development, diverging structural proﬁles, and differing orientations toward, as well as capacities for, competitive or cooperative management of foreign economic policies. The interactions are not becoming sufﬁciently productive to sustain a system of collective management, primarily because of the problems of advanced political development, which for diverse reasons are tending to become more intractable as the largely ungoverned processes of globalization pose structural and distributional issues. The structural and policy interdependencies in the global political economy set requirements for building comprehensive systems of collective management, but the highly constructive political entrepreneurship that is clearly needed is not being provided. The problems of advanced political development cause macromanagement...
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