Trading Preferentially: Theory And Policy  

Oleh:

Bhagwati, Jagdish ; Greenaway, David ; Panagariya, Arvind

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 108 no. 449 (Jul. 1998), page 1128-1149.
Fulltext: 1128.pdf (465.85KB)

Isi artikel

The best kind of economic theory has almost always refiected policy concerns, while informing policy in turn. This is particularly so when it comes to the theory of international trade, going back to Adam Smith's discovery of the demerits of mercantilism and his invention of economic science, both in The Wealth of Nations. The theory of preferential trading is no exception. The original burst of creative theorising about Preferential Trade Agreements (PTAs), associated with what Bhagwati (1991) has called the First Regionalism1, is well known to have come from Jacob Viner's (1950) work on what he called the `customs union issue' and was a result of his having been commissioned by the Carnegie Endowment to examine the appropriate design of the world trading system with the end of the Second World War. In turn, the impending formation of the Common Market, leading to the Treaty of Rome in 1957, played a role in the further development of the theory at the hands of James Meade (1955), Richard Lipsey (1958) and others.2 The recent burst of theorising about PTAs is also a re¯ection of the new policy questions raised by the fact that the United States abandoned in the early 1980s its policy of avoiding PTAs, even though sanctioned by Article 24 of the GATT, and concentrating exclusively on multilateral trade negotiations

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