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How should economists interpret current trade wars and the recent U.S. trade actions that have initiated them? This paper offers an interpretation of current U.S. trade actions that is at once more charitable and less forgiving than that typically offered by economic commentators. More charitable, because under this interpretation it is possible to see a logic to these actions: the United States is initiating a change from "rules-based" to "power-based" tariff bargaining and is selecting countries with which it runs bilateral trade deficits as the most suitable targets of its bargaining tariffs. Less forgiving, because the main costs of these trade tactics cannot be avoided even if they happen to "work" and deliver lower tariffs. Rather, the paper shows that the main costs will arise from the use of the tactics themselves, and from the damage done by those tactics to the rules-based multilateral trading system and the longer-term interests of the United States and the rest of the world.

Bargaining Tactics --- Cooperation --- International Economics and Trade --- Multilateralism --- Trade Policy --- Trade Wars --- World Trade Organization --- WTO

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This paper investigates the impact of Ghana's World Trade Organization (WTO) accession on firm-level product and labor market imperfections. The paper exploits a rich dataset of firm-level information to estimate both markups and the degree of monopsony power enjoyed by manufacturing firms. The results indicate that price-cost margins declined while the degree of monopsony power increased in the wake of WTO accession. These diverging dynamics suggest that firms compress real wages to offset loss of market power in the product market due to increased international competition. This gives rise to an increase in the market imperfection gap, which gradually erodes the pro-competitive gains from trade. The paper contributes to the literature by identifying channels through which allocative inefficiencies and misallocation can persist even after trade liberalization.

Access to Markets --- Competitiveness --- International Economics and Trade --- Labor Market --- Labor Markets --- Market Imperfection --- Market Power --- Social Protections and Labor --- Trade Liberalization --- Trade Openness --- Trade Policy --- World Trade Organization --- WTO

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The ability of countries to promote and protect their domestic industries in the face of stiff global competition is an important consideration in any trading agreement. Member states of the World Trade Organization are expected to adhere to the WTO Agreement on Subsidies and Countervailing Measures, but to what extent do the WTO Members have policy space to subsidize their industries? Using an economically informed framework, Caiado examines the flexibilities countries may find at the WTO to grant subsidies and impose tariffs to protect designated industries. By testing the Treaty system of entitlements and enforcement mechanisms against the theory of incomplete contract, this work offers a comprehensive analysis of the capacity of the SCM Agreement to achieve its goal: the concomitant regulation of opportunistic behavior and assurance of ex post flexibility.

Antidumping duties --- Subsidies --- Trade regulation --- Antidumping law --- Law and legislation. --- Agreement on Subsidies and Countervailing Measures --- Übereinkommen über Subventionen und Ausgleichsmassnahmen --- SCM Agreement --- World Trade Organization Agreement on Subsidies and Countervailing Measures --- WTO Agreement on Subsidies and Countervailing Measures

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This book offers a multidisciplinary approach to the WTO Dispute Settlement Mechanism and provides a “developing country” perspective over issues that are likely to remain at the center of the scholarly and policy debate for years to come. "This volume brings together an outstanding group of trade law experts trained and socialized in developing states, primarily Brazil. Focusing on broad systemic issues and specific disputes, these essays substantially advance our understanding of developing states’ role in the WTO dispute system. The impressive contributions to this volume reveal both the promise and the limits of WTO dispute settlement and should attract a broad and interdisciplinary readership." Prof. Jeffrey Dunoff, Beasley School of Law, Temple University "The rules-based multilateral trading system faces an unprecedented set of challenges. This important and unique volume of essays analyses these challenges. It is important because it provides a sophisticated analysis of both technical complexities of the WTO and its Dispute Settlement Mechanism as well as their broader political and economic context. It is unique in drawing on the knowledge and experience of the extensive Brazilian community of experts; in providing excellent and in-depth analysis of many of the cases and issues in which Brazil has been involved as its role and importance within the WTO has expanded; and in elaborating a view of the trading system that reflects the interests and values of the Global South." Prof. Andrew Hurrell, Oxford University "This book is a timely contribution to debates on international trade in an era of increasing protagonism by emerging powers in the global trading system. The contributors devote special attention to the role that transnational epistemic communities of trade specialists have played in building up and maintaining the system. What is especially interesting about the edited volume is that it provides a perspective on the WTO from scholars and practitioners based in Brazil, a country whose government has been particularly active in the organisation and which has been prominent in challenging inequalities in world trade and the unilateral tendencies of the long-established powers. Anyone who wants to understand the changing global order, which is simultaneously becoming more multilateral and more economically nationalist, would benefit from reading this book." Prof. Anthony W. Pereira, Brazil Institute, King's College London.

World Trade Organization --- Biśva Bāṇijya Saṃsthā --- Dėlkhiĭn Khudaldaany Baĭguullaga --- DTÖ --- Dünya Ticaret Örgütü --- Munaẓẓamat al-Tijārah al-ʻĀlamīyah --- O.M.C. --- OMC --- ʻOngkān Kānkhā Lōk --- Organisation mondiale du commerce --- Organização Mundial do Comércio --- Organización Mundial de Comercio --- Organización Mundial del Comercio --- Organizația Mondială de Comerț --- Organizzazione mondiale del commercio --- Organizzazione mondiale per il commercio --- Qaṅgkār Bāṇijjakamm Bibhab Lok --- Sāzmān-i Tijārat-i Jahānī --- Shi jie mao yi zu zhi --- SOT --- Světová obchodní organizace --- Svitova orhanizat︠s︡ii︠a︡ torhivli --- Światowa Organizacja Handlu --- Tổ chức thương mại thế giới --- Viśva Vyapāra Saṅgaṭhana --- Vsemirnai︠a︡ torgovai︠a︡ organizat︠s︡ii︠a︡ --- VTO --- W.T.O. --- Welthandelsorganisation --- World Trade Organisation --- WTO --- منظمة التجارة العالمية --- 世界貿易組織 --- 世界贸易组织 --- General Agreement on Tariffs and Trade (Organization) --- International economics. --- International relations. --- International Economic Law, Trade Law. --- International Economics. --- International Relations. --- Sources and Subjects of International Law, International Organizations. --- Coexistence --- Foreign affairs --- Foreign policy --- Foreign relations --- Global governance --- Interdependence of nations --- International affairs --- Peaceful coexistence --- World order --- National security --- Sovereignty --- World politics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- International law. --- Trade. --- Law of nations --- Nations, Law of --- Public international law --- Law

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Trade has made the world. Still, trade remains an elusive and profoundly difficult area for philosophical thought. This novel account of trade justice makes ideas about exploitation central, giving pride of place to philosophical ideas about global justice but also contributing to moral disputes about practical questions. On Trade Justice is a philosophical plea for a new global deal, in continuation of, but also at appropriate distance to, post-war efforts to design a fair global-governance system in the spirit of the American New Deal of the 1930s. This book is written in the tradition of contemporary analytical philosophy but also puts its subject into a historical perspective to motivate its relevance. It covers the subject of trade justice from its0theoretical foundations to a number of specific issues on which the authors' account throws light. The state as an actor in the domain of global justice is central to the discussion but it also explores the obligations of business extensively, recognizing the importance of the modern corporation for trade. Topics such as wages injustice, collusion with authoritarian regimes, relocation decisions, and obligations arising from interaction with suppliers and sub-contractors all enter prominently.0Another central actor in the domain of trade is the World Trade Organization. The WTO needs to see itself as an agent of justice. This book explores how this organization should be reformed in light of the proposals it makes. In particular, the WTO needs to endorse a human-rights and development-oriented mandate. Overall, this book hopes to make a theoretical contribution to the creation of an exploitation-free world.

International trade --- Commerce --- Commercial policy. --- Justice. --- Moral and ethical aspects. --- Philosophy. --- World Trade Organization. --- Injustice --- Conduct of life --- Law --- Common good --- Fairness --- Foreign trade policy --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Trade --- Economics --- Business --- Transportation --- Government policy --- Biśva Bāṇijya Saṃsthā --- Dėlkhiĭn Khudaldaany Baĭguullaga --- DTÖ --- Dünya Ticaret Örgütü --- Munaẓẓamat al-Tijārah al-ʻĀlamīyah --- O.M.C. --- OMC --- ʻOngkān Kānkhā Lōk --- Organisation mondiale du commerce --- Organização Mundial do Comércio --- Organización Mundial de Comercio --- Organización Mundial del Comercio --- Organizația Mondială de Comerț --- Organizzazione mondiale del commercio --- Organizzazione mondiale per il commercio --- Qaṅgkār Bāṇijjakamm Bibhab Lok --- Sāzmān-i Tijārat-i Jahānī --- Shi jie mao yi zu zhi --- SOT --- Světová obchodní organizace --- Svitova orhanizat︠s︡ii︠a︡ torhivli --- Światowa Organizacja Handlu --- Tổ chức thương mại thế giới --- Viśva Vyapāra Saṅgaṭhana --- Vsemirnai︠a︡ torgovai︠a︡ organizat︠s︡ii︠a︡ --- VTO --- W.T.O. --- Welthandelsorganisation --- World Trade Organisation --- WTO --- منظمة التجارة العالمية --- 世界貿易組織 --- 世界贸易组织 --- General Agreement on Tariffs and Trade (Organization) --- Traffic (Commerce) --- Merchants