Trade Policy, New Century: The WTO, FTAs and Asia Rising
Reforms are needed to tackle the causes of inactivity
A short critique of the concept of 'market failure'
Unilateral liberalisation, not trade negotations, is the key to free trade
Asian countries – China most conspicuously – have been taking the initiative by pursuing free trade unilaterally. This must continue and spread. The Western developed economies should respond by removing their own protectionism. Unilateral action, not trade negotiations, is the key: the world cannot wait for the WTO.
If a unilateral commitment to free trade is to stick, it must be fixed in a general attitude of economic liberalism in the domestic economy. This applies as much to newly emerging economies as to the USA and the EU.
In this tour de force of international trade policy, Razeen Sally is realistic about the ability of existing institutions to deliver free trade ‘from above’, but optimistic about the prospects for the world economy as a result of unilateral liberalisation ‘from below’.
“Razeen Sally brings depth and breadth, both of scholarship and of practical experience, to his task… This short book is the best and important volume on trade in years.” Clive Crook, The Financial Times
2008, ISBN 978 0 255 36544 4, 229pp, PB
Read the summary here.
Free Trade Under Fire by Douglas A Irwin