Trade and Investment Issues in the New Millennium Round
- New Horizons in International Business series
Edited by Alan M. Rugman and Gavin Boyd
Chapter 10: Designing a market enhancing WTO
J. David Richardson 1 OVERVIEW AND PRELIMINARIES In Richardson (2000b) I argue that certain narrow new issues in global trade negotiations belong there quite naturally. I label these conformable issues ‘market-supportive regulation’. Market-supportive regulation is regulation that enhances the ‘market system’, making it work better and for a broader constituency. That paper argues that ideally both market enthusiasts and society win from a commitment, more speciﬁcally to: Wise incorporation of market-supportive regulation into global trade negotiations, which is the key to generating a new wave of ‘gains from trade’ and to widely disseminating those gains within and among societies. In this chapter I reﬁne that argument. I emphasize two particular provocations. First, I believe that the World Trade Organization (WTO) is indeed the right forum for the new-issue experiments that I propose. Second, I believe that one very speciﬁc labour-relations policy, open trade in ‘worker-agency services’, is an excellent illustration of market-supportive regulation. My other illustrations are less provocative. They include a narrow subset of regulatory principles and practices from the domains of competition policies and technology policies. But only a narrow subset. Only those regulatory principles that conform most closely to the market system – thereby enhancing it – belong on the WTO negotiating agenda. The rest would threaten the organization and hold back the progress of negotiations. My provocations and terminology beg several questions. Why not take a breather from global trade negotiations? The global backlash has been strong, and not just in Seattle; perhaps now is...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.