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Trading Regimes

Howse, “From Politics to Technocracy – and Back Again” Mattoo, “From Doha to the Next Bretton Woods”. Trading Regimes. From GATT (1947) to WTO (1995) ‏. Basic principle: generalized reciprocity (MFN) ‏ Focus on manufactured goods vs. new areas (services, agriculture, intellectual property…) ‏

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Trading Regimes

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  1. Howse, “From Politics to Technocracy – and Back Again” Mattoo, “From Doha to the Next Bretton Woods” Trading Regimes

  2. From GATT (1947) to WTO (1995)‏ Basic principle: generalized reciprocity (MFN)‏ Focus on manufactured goods vs. new areas (services, agriculture, intellectual property…)‏ Weak institutionalization vs. real IO Weak trade dispute mechanism vs. binding arbitration Growing membership

  3. “Embedded liberalism” vs. “technocracy” (Howse)‏ Embedded liberalism: efforts to reduce trade restrictions embedded in the values and institutions of the welfare state Technocracy: pragmatic pursuit of efficiency (“creative destruction”) Politics: balancing of conflicting values Policy prescriptions: back to GATT; global civil society; WTO-WB-IMF-ILO commission

  4. Controversial issues within the WTO (Doha round)‏ Labor and environmental standards Agricultural subsidies Investment regime Intellectual property rights

  5. New trade agenda? • Doha round (focused on relatively trivial issues) – sidelined by bilateral and regional agreements • Need to target international cartels • Need for cooperation between the IMF and WTO - to correct the undervaluation of major currencies and regulate SWFs • Major imbalances? • Need to cooperate on climate change without the threat of trade sanctions – transfer of finance and know-how

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