Razeen Sally argues that international trade policy has lost its way. Trade policy has become disconnected from 21st century business and consumer realities. The World Trade Organization and free trade agreements have outdated negotiating models and yield diminishing returns. The world’s fastest growing economies are those in Asia that have embraced freer trade and global integration unilaterally, without waiting for trade negotiations. Hence, the priority should be bottom-up unilateral liberalization, with China’s opening to the world economy leading the way and setting the example for others in Asia and beyond. Liberalization should now focus more on domestic regulatory barriers. The post-Doha WTO will still be important, but more as a forum for strengthening trade rules than for driving further liberalization. The biggest danger, though, is complacency and “reform fatigue,” which threatens to halt globalization’s advance. Sally makes a vigorous case for the benefits of free trade and provides a penetrating analysis of the dangers confronting the world trading system. Inspired by the precepts of Adam Smith and David Hume, he sets out practical prescriptions for getting trade policy back on the rails as part of a refreshed agenda for freer trade and freer markets that is relevant to the rise of Asia and 21st century globalization. Informative; well-argued; and, above all, highly readable, this book is a stimulating contribution to the emerging debate on where trade policy should go in the post-Doha world.
World trade is recovering from its sharpest decline since the Great Depression. Europe remains the worldÕs leading trading entity, despite the crisis. The authors of this paper assert that the EU should not retreat to protectionism, but should rise to the post-crisis challenge. The paper assesses how Europe can do this through strengthening the single market, proposes various objectives for external trade policy and examines the need for greater political advocacy regarding the benefits of open markets.
This book makes an innovative link between classical liberalism and questions of international economic order. The author begins with an outline of classical liberalism as applied to domestic economic order. He then surveys the classical liberal tradition from the Scottish Enlightenment to modern thinkers like Knight, Hayekn and Viner. Finally, he brings together the insights of thinkers in this tradition to provide a synthetic overview of classical liberalism and international economic order. The author's deployment of classical liberalism strikes a different note to other 'liberal' interpretations in economics and political science. In particular, classical liberalism points to the domestic preconditions of international order, and advocates unilateral liberalisation in the context of an institutional competition between states.
In this large-scale ISEAS study, Razeen Sally looks at Southeast Asia in the World Trade Organization, against the background of national trade policy trends post-Asian crisis, sluggish ASEAN economic integration, and the recent high-speed proliferation of bilateral and regional trade negotiations. ASEAN co-operation in the WTO has broken down, with little prospect of revival. Nevertheless, Sally argues forcefully that Southeast Asia needs a liberal, rules-based multilateral trading system; and that the WTO needs active Southeast Asian participation. ASEAN countries should forge multiple coalitions, revolving around the United States and China, to restore workability and purpose to a lame, crisis-ravaged WTO. This would provide headwind for what matters most: unilateral (national) trade-and-investment liberalization and pro-competitive regulatory reforms to revive and enhance policy competitiveness in the region.
States and Firms is a study in the political economy of the multinational enterprise. It looks at the internationalisation in the 1980s of the twelve leading French and German-owned multinational enterprises in chemicals and electronics, who form part of a European Challenge in international competition in technology- intensive sectors. The book examines how and why the internationalisation of these MNEs has interacted with their embeddedness in the domestic structures of their home countries (France and Germany) particularly in terms of their power relationships with home governments and financial institutions. The primary themes are the MNEs' roles as political actors; domestic government policy vis-a-vis the MNEs; MNEs' financial relationships with banks in France and Germany; MNE political activity at the level of the European Union, especially evident in technology policy. The primary contribution of this book is an inclusion of a firm-level approach to put the spotlight on fundamental questions of political economy and international business.
Razeen Sally argues that international trade policy has lost its way. Trade policy has become disconnected from 21st century business and consumer realities. The World Trade Organization and free trade agreements have outdated negotiating models and yield diminishing returns." "Sally makes a case for the benefits of free trade and provides a penetrating analysis of the dangers confronting the world trading system."--BOOK JACKET.
In this large-scale ISEAS study, Razeen Sally looks at Southeast Asia in the World Trade Organization, against the background of national trade policy trends post-Asian crisis, sluggish ASEAN economic integration, and the recent high-speed proliferation of bilateral and regional trade negotiations. ASEAN co-operation in the WTO has broken down, with little prospect of revival. Nevertheless, Sally argues forcefully that Southeast Asia needs a liberal, rules-based multilateral trading system; and that the WTO needs active Southeast Asian participation. ASEAN countries should forge multiple coalitions, revolving around the United States and China, to restore workability and purpose to a lame, crisis-ravaged WTO. This would provide headwind for what matters most: unilateral (national) trade-and-investment liberalization and pro-competitive regulatory reforms to revive and enhance policy competitiveness in the region.
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