The Economics of Regional Trading Arrangements

Paperback | October 15, 2001

byRichard Pomfret

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The Economics of Regional Trading Arrangements provides a unified analysis of policies which discriminate among trading partners. With the European Union's 1992 programme, the formation of NAFTA, and attempts to form or strengthen regional trading arrangements in South America, southernAfrica, and Southeast Asia regionalism became a major issue in international commercial diplomacy during the early 1990s. The proliferation of RTAs was viewed by some as a challenge, and by others as a complement, to the establishment of the World Trade Organization as the successor to GATT.Richard Pomfret analyses the new RTAs, situating them in the broader realm of discriminatory trade policies for which there is a well-defined body of theory and empirical studies, before asking whether the new regionalism requires new theoretical analysis. His approach is to combine in roughly equalproportions history, theory, and a review of empirical studies. This is appropriate given that the key theoretical result is the welfare ambiguity of discriminatory trade policy changes. Empirical studies can provide a sense of which of the potentially offsetting effects are more or less important.Since some effects may take a long time to have their full impact and may be systemic, it is also useful to observe how RTAs have evolved in practice.This new-in-paperback edition of The Economics of Regional Trading Arrangements includes a brand-new Preface in which Pomfret surveys three important developments that occurred during the second half of the 1990s: the onset of a third wave of regionalism, the reintegration of formerly centrallyplanned economies into the global trading system, and theoretical developments, including the significance of national boundaries. This up-to-date survey will appeal to trade theorists as well as to anyone involved in policy institutions.

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The Economics of Regional Trading Arrangements provides a unified analysis of policies which discriminate among trading partners. With the European Union's 1992 programme, the formation of NAFTA, and attempts to form or strengthen regional trading arrangements in South America, southernAfrica, and Southeast Asia regionalism became a ma...

Richard Pomfret is Professor of Economics at the University of Adelaide.

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Format:PaperbackDimensions:466 pages, 8.5 × 5.43 × 0.98 inPublished:October 15, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199248877

ISBN - 13:9780199248872

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Table of Contents

List of tables. List of figures. Abbreviations.1. Introduction.PART I: HISTORYIntroduction to Part I2. Evolution of the Most-Favoured Nation Principle up to 19293. Commercial Policies in the 1930s4. Non-discrimination in the GATT5. Discrimination in International Trade, 1947-19856. Regionalism versus Multilateralism during the Uruguay Round7. Regionalism and the World Trade OrganizationPART II: THEORYIntroduction to Part II8. The Mainstream from Viner to the JCM Proposition9. Extending the Model10. The New Regionalism11. Numbers and GeographyPART III: EMPIRICAL EVIDENCE 14. Other Free Trade Areas and Customs Unions. 15. Trade Preferences for Developing Countries. 16. Global Issues.Introduction to Part III12. Western European Integration13. North America14. Other Free Trade Areas and Customs Unions15. Trade Preferences for Developing Countries16. Global IssuesPART IV: POLITICAL ECONOMYIntroduction to Part IV17. Why do Discriminatory Trading Arrangements Exist?18. Consequences for the International Trading System19. Summary and ProspectsAppendix: Discriminatory Trading Arrangements between the USA and Canada before CUSTA

Editorial Reviews

`Pomfret's study is one of the best available surveys of the varied issues that regionalism presents in its specifically trading aspects. [His] review of mainstream theory and its leading extensions is a model of penetration and clarity.'Economic Journal