Trade Policy, New Century The WTO, FTAs and Asia Rising Trade Policy, New Century The WTO, FTAs and Asia Rising razeen sally The Institute of Economic Affairs contents First published in Great Britain in 2008 by The Institute of Economic Affairs 2 Lord North Street Westminster London sw1p 3lb in association with Profile Books Ltd The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, by analysing and expounding the role of markets in solving economic and social problems. Copyright © The Institute of Economic Affairs 2008 The moral right of the author has been asserted. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. A CIP catalogue record for this book is available from the British Library. isbn 978 0 255 36544 4 Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Director General at the address above. Typeset in Stone by MacGuru Ltd
[email protected] Printed and bound in Great Britain by Hobbs the Printers The author Foreword by Guy de Jonquières Acknowledgements Summary List of tables and figures Glossary 1 A short introduction 2 Free trade versus protection From classical antiquity to the Middle Ages Mercantilism The emergence of free-trade doctrine Free trade in Smith and Hume: an elaboration Free trade versus protection: nineteenth-century developments Freetrade versus protection: twentieth-century developments Conclusion 3 The political economy of trade policy The global climate for external liberalisation 9 10 13 14 17 19 23 27 28 30 32 34 41 44 47 50 52 Trade-policy reforms: the recent experience, with country examples Political economy and trade-policy reforms Multi-track trade policy What lessons for future liberalisation? Conclusion 4 The World Trade Organization From GATT to WTO The Doha Round The future of the WTO Conclusion 5 Preferential Trade Agreements Building