Department of economics princeton university we are fortunate that economists of the caliber of bagwell and staiger have been drawn to work on the trading system by applying analytical rigor to the key features of the gatt wto system the authors offer us refreshing and useful insights into what lies behind the design of trading rules. The economics of the world trading system kyle bagwell robert w staiger on amazoncom free shipping on qualifying offers world trade is governed by the rules of the world trade organization wto the successor to the general agreement on tariffs and trade gatt the wto sets rules of conduct for the international trade of goods and services and for intellectual property rights. O interpretation nash tariffs leave all governments wanting more trade volume at the fixed world price unilateral liberalization unattractive due to implied terms of trade loss reciprocal liberalization fixes the world price and thus leads to mutual gains o reciprocity without apology 18 pw n n e w w po e w p n figure 5a . Space in the research area defined as the economic rules of the world trading system the results of much of their economic research on the gatt wto are compiled into a new book furthermore while their research and approach is distinctly economic the text provides something that scholars in each of these fields will appreciate. The economics of the world trading system kyle bagwell robert w staiger mit press 2004 business economics 224 pages 0 reviews world trade is governed by the rules of the world trade organization wto the successor to the general agreement on tariffs and trade gatt the wto sets rules of conduct for the international trade of
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