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Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. That system is now being subjected to powerful centrifugal forces. Concerns with unfair trade are rampant, managed trade is increasingly popular, and regionalism is spreading. The United States, the traditional bulwark of multilateralism, has recently resorted to aggressive, unilateral tactics in trade policy. To a consideration of these developments, Bhagwati brings a unique blend of economic theory, historical scholarship, and familiarity with the institutions of world trade. Bhagwati refutes facile but fashionable criticisms of the General Agreement on Tariffs and Trade (GATT). Warning of the dangers of flouting the GATT's provisions, he shows that its underlying conception of trading by rules will be undermined if we extend accusations of "unfair trade" practices to areas as diverse as retail distribution systems, infrastructure spending, saving rates, and workers' rights. He challenges the economic and cultural stereotypes of Japan that fuel the sentiments supporting managed trade and aggressive unilateralism. In addition, he provides novel suggestions for rebuilding the GATT and with it the world trading system itself--suggestions that should prove useful at the Uruguay Round and beyond. Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. That system is now being subjected to powerful centrifugal forces. Concerns with unfair trade are rampant, managed trade is increasingly popular, and regionalism is spreading. The United States, the traditional bulwark of multilateralism, has recently resorted to aggressive, unilateral tactics in trade policy. To a consideration of these developments, Bhagwati brings a unique blend of economic theory, historical scholarship, and familiarity with the institutions of world trade. Bhagwati refutes facile but fashionable criticisms of the General Agreement on Tariffs and Trade (GATT). Warning of the dangers of flouting the GATT's provisions, he shows that its underlying conception of trading by rules will be undermined if we extend accusations of "unfair trade" practices to areas as diverse as retail distribution systems, infrastructure spending, saving rates, and workers' rights. He challenges the economic and cultural stereotypes of Japan that fuel the sentiments supporting managed trade and aggressive unilateralism. In addition, he provides novel suggestions for rebuilding the GATT and with it the world trading system itself--suggestions that should prove useful at the Uruguay Round and beyond.
Originally published in 1991.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
"Jagdish Bhagwati combines impressive theoretical skills with a rare talent for clear exposition. He has had a profound influence on trade policy thinking among scholars and practitioners. Once again he brings his formidable analytical gifts to bear in these lectures. They should be read by everybody who wants to understand the case for trade and why it sometimes seems so difficult to make that case."--Michael Moore, Director General, World Trade Organization
"Professor Bhagwati is our most powerful and persuasive advocate of free trade. In this book he does two important things: he punctures all the standard false arguments for protection, and he uses the modern theory of commercial policy to suggest how a balanced approach to trade and social policy might look. And all of this comes in a compact, lively, and readable package."--Robert M. Solow, Massachusetts Institute of Technology, 1987 Nobel Laureate in Economic Sciences
"Trade liberalization in the second half of the twentieth century brought huge benefits, especially to those less-developed countries which seized the new opportunities. Now these gains are being threatened by 'Seattle-person, ' the offspring of an alliance between forces of ignorance and special interests. Jagdish Bhagwati's courageous stand against this threat merits our admiration. His rigorous yet lively restatement of the case for free trade should be required reading for all participants in the public debate on globalization."--Avinash K. Dixit, Princeton University
"Bhagwati is the prime warrior for free trade. In this splendid book, he encapsulates all major arguments in favor of free trade and debunks many arguments against it in a lucid andentertaining style. The arguments are up to date, addressing all key issues of the last decade."--Elhanan Helpman, Harvard University and Tel Aviv University
"Jagdish Bhagwati is easily the most creative international trade theorist of his generation, whose work has changed fundamentally the way we now think about free trade and protection. He is also our leader in the fight for freer trade: his witty, graceful, and incisive op-eds and reviews in the leading magazines and newspapers worldwide and his public debates deliver unceasingly the coup de grace to the myriad critics of free trade. "Free Trade Today," which brings under one rubric the deep insights from modern theory--much of it his own work--to refute these critics, is a tour de force."--Arvind Panagariya, University of Maryland and Chief Economist, Asian Development Bank
"With customary wit and insight, Jagdish Bhagwati demonstrates the relevance of the theory of commercial policy, in which he was the leading pioneer, to current trade policy debates. The analysis is sharp and pungent, and the writing a delight--a must read for anyone interested in trade policy!"--Douglas A. Irwin, Dartmouth College, author of "Free Trade Under Fire and Against the Tide: An Intellectual History of Free Trade"
This volume explores the claims of proponents of free-trade areas and analyzes two principal initiatives associated with recent US trade policy: NAFTA and APEC. The authors conclude that the US should reject preferential trading in favour of the more beneficial goal of non-preferential trading.
Today millions of people work in countries where they are not citizens. "Income Taxation and International Mobility "addresses the novel theoretical and practical problems that this growing phenomenon of international personal mobility creates for the design of a country's tax system and takes up questions that have grown largely out of the extensive debate over Jagdish Bhagwati's proposal in the early 1970s to "tax the brain drain."The contributors, who include many of the leading theorists of international economics and public finance, look at how the difficult question of how horizontal equity is to be defined - between nationals at home and abroad or between nationals abroad and foreign citizens abroad - and tackle such questions as Should a country exercise income tax jurisdiction over its citizens abroad? If so, in what way? Is it practical to do so? The issues that these questions raise are complex, lying on the interface of politics, sociology, and economics."Income Taxation and International Mobility "breaks significant new ground by analyzing these questions and building on the modern theory of optimal income taxation to examine the consequences of the possibility of outmigration on the appropriate exercise and design of income tax jurisdiction on those who live outside their native country.Theoretical analyses are presented in six chapters by the editors and by James Mirrlees, William Baumol, and Koichi Hamada. The well known tax law expert, Richard Pomp, examines the Philippines experience in taxing citizens abroad. The editors provide a substantial introduction that synthesizes the book's major analytical approaches and conclusions, and Richard Musgrave provides an insightful view of the issues in his Foreword.
Professor Bhagwati applies his unrivalled knowledge and meticulous analysis to some of the most serious threats to the prized goal of freeing world trade.
Two leading economists discuss a range of issues relating to the "offshoring" of American jobs, from free trade to unemployment levels. It is no surprise that many fearful American workers see the call center operator in Bangalore or the factory worker in Guangzhou as a threat to their jobs. The emergence of China and India (along with other, smaller developing countries) as economic powers has doubled the supply of labor to the integrated world economy. Economic theory suggests that such a dramatic increase in the supply of labor without an accompanying increase in the supply of capital is likely to exert downward pressure on wages for workers already in the integrated world economy, and wages for most workers in the United States have indeed stagnated or declined. In this book, leading economists Jagdish Bhagwati and Alan S. Blinder offer their perspectives on how the outsourcing of labor and the shifting of jobs to lower-wage countries affect the U.S. economy and what, if any, policy responses are required. Bhagwati, in his colorful and pithy style, focuses on globalization and free trade, while Blinder, erudite and witty, addresses the significance of labor market adjustment caused by trade. Bhagwati's and Blinder's contributions are followed by comments from economists Richard Freedman, Douglas A. Irwin, Lori G. Kletzer, and Robert Z. Lawrence. Bhagwati and Blinder then respond separately to the issues raised. Benjamin Friedman, who edited this volume (and organized the symposium that inspired it), provides an introduction.
An analytic and empirical study of unilateral trade liberalization agreements, from the nineteenth century to the present. Since the end of World War II, the freeing of trade has been most visible in reciprocal liberalization agreements negotiated under the General Agreement on Tariffs and Trade, or GATT, and through increasing bilateral and plurilateral agreements. There has also, however, been a significant, if less visible, unilateral freeing of trade by several nations. This book, based on a research project directed by Jagdish Bhagwati, examines the experiences with such unilateral trade liberalization. Part 1 considers historical experiences, following Britain's unilateral embrace of free trade. Part 2 discusses recent examples, and Part 3 discusses unilateral liberalization in specific sectors. The substantive introduction provides a synthesis of the findings as well as theoretical support. It argues that although unilateral freeing of trade is generally less beneficial than reciprocity, it can trigger "sequential" reciprocity through example or by encouraging lobbies abroad to favor trade expansion.
Essays in Development Economics collects many of Jagdish Bhagwati's writings that have established him as a major postwar developmental economist. The selection is diverse and highlights the close relationship and mutual reinforcement in Bhagwati's research between economic theory, empirical validation, and policy debate.Volume I, Wealth and Poverty, addresses domestic or internal development problems. Its 22 essays are divided into five parts covering Development Theory and Strategy; Economic Structure: Regularities and Explanations; Class Structure, Poverty, and Redistrbution; Technology and Employment; and Eminent Economists: Sketches and Commentary.Volume 2, Dependence and Interdependence, deals with international or external problems and its 20 essays are in four parts covering North-South Issues; Developmental Strategy: Import Substitution versus Export Promotion; Foreign Assistance; and International Migration and Investment.Within each volume, the essays are topically grouped and preceded by brief introductions by the author discussing his current views of the nature of the contributions and the relationship among them. In several cases, previously unpublished papers or postscripts to previously published papers have been added to round out the sections.Jagdish N. Bhagwati is Arthur Lehman Professor of Economics and Director of the International Economics Research Center at Columbia University. Essays in Development Economics, in conjunction with the two-volume work, Essays in International Economic Theory (edited by Robert C. Feenstra, MIT Press), constitute a comprehensive selection of Bhagwati's influential and important contributions to the theory and policy of development and of international trade. Gene M. Grossman is Assistant Professor of Economics and International Affairs, Princeton University.
This text collects the most important contributions to the theory of international trade in recent decades, including the many new approaches developed during the 1980s. Of the 28 chapters in major sections covering general equilibrium, trade pattern theories, imperfect competition and market structure, quotas and VERs, theory of distortions, direct unproductive profit-seeking and rent-seeking activities, customs unions, growth and transfers, and foreign investment, 16 are new to this edition.These new pieces focus on such currently active areas as the treatment of market structure, explored chiefly by economists Avinash Dixit, Jonathan Eaton and Gene M. Grossman, Paul R. Krugman, Elhanan Helpman, James Brander and Barbara Spencer, and imperfect competition and the theory of political economy, with key contributions by Anne 0. Krueger, Jagdish Bhagwati, Ronald Findlay, T. N. Srinivasan, Richard Brecher, Wolfgang Mayer, and several other younger trade theorists.Other new selections take up developments within more traditional topics, such as the classic problem of the effects of transfers, the equivalence of tariffs and quotas, revived in the context of the effect of VERs, and the theory of multinational investments which has been affected by both the new theories of market structure and of political economy.Jagdish N. Bhagwati is Arthur Lehman Professor of Economics and Director of the International Economics Research Center at Columbia University.
A leading international economist looks at many of the key issues of trade policy now confronting the United States and the world in this timely book. Clear, informative, and witty, Jagdish Bhagwati provides the best available analysis of the protection debate and offers a prescription for reform in this turbulent area of trade policy.Bhagwati identifies new and powerful interests and ideologies that are likely to dominate the outcome of the debate. He argues that opposing tendencies can be identified in trade-related ideologies and in the national and sectional interests that lobby on trade policy in pluralistic societies. He offers the prognosis that the forces favoring freer trade are more robust and more fundamental than the forces of protectionism, and that pro trade forces are likely to triumph in the end but only if we adapt appropriately the institutions within which these ideologies and interests must function.Through an appealing combination of text, quotations, cartoons, tables, charts, and graphs, Bhagwati provides a masterly and entertaining look at the forces for and against protection.Jagdish Bhagwati is Arthur Lehman Professor of Economics and Professor of Political Science at Columbia University. Protectionism is based on the inaugural series of Ohlin Lectures, which he delivered at the Stockholm School of Economics in October of 1987.
An encouraging account of the potential of foreign aid to reduce poverty and a challenge to all aid organizations to think harder about how they spend their money. With more than a billion people now living on less than a dollar a day, and with eight million dying each year because they are simply too poor to live, most would agree that the problem of global poverty is our greatest moral challenge. The large and pressing practical question is how best to address that challenge. Although millions of dollars flow to poor countries, the results are often disappointing. In Making Aid Work, Abhijit Banerjee-an "aid optimist"-argues that aid has much to contribute, but the lack of analysis about which programs really work causes considerable waste and inefficiency, which in turn fuels unwarranted pessimism about the role of aid in fostering economic development. Banerjee challenges aid donors to do better. Building on the model used to evaluate new drugs before they come on the market, he argues that donors should assess programs with field experiments using randomized trials. In fact, he writes, given the number of such experiments already undertaken, current levels of development assistance could focus entirely on programs with proven records of success in experimental conditions. Responding to his challenge, leaders in the field-including Nicholas Stern, Raymond Offenheiser, Alice Amsden, Ruth Levine, Angus Deaton, and others-question whether randomized trials are the most appropriate way to evaluate success for all programs. They raise broader questions as well, about the importance of aid for economic development and about the kinds of interventions (micro or macro, political or economic) that will lead to real improvements in the lives of poor people around the world. With one in every six people now living in extreme poverty, getting it right is crucial.
The original contributions in Fair Trade and Harmonizationinvestigate the growing conflict between free trade policies and the domestic environmental, labor, and antitrust policies of individual nations. They clarify the issues and offer a critical economic and legal analysis of the contending positions along with a series of proposals for resolving or reconciling them. Taken together, the two volumes present a comprehensive catalog of the government actions that are causing conflict in these areas and a critique of the existing scholarly literature on the subject. In each area, the contributors extensively discuss and analyze forms of policy harmonization and the arguments for and against it, with a goal of better understanding as a constant throughout. A more particular goal, however is to take a sober second look at, and impose some restraint upon, the growing chorus of demands to push aside the existing trade institution (the World Trade Organization) in the name of social policies, especially those regarding environmental and labor rights. Contributors: Volume 2. Kenneth W. Abbott. Richard D. Boltuck. Ronald A. Cass. Daniel A. Farber. Daniel J. Gifford. Brian Hindley. Robert E. Hudec. Brian A. Langille. Virginia A. Leary. Mitsuo Matsushita. Frieder Roessler.
Leading trade esperts examine the world trading system today, from the multilateralism of the WTO to explosive bilateralism and the mega-regionals TPP and TTIP. When the General Agreement on Tariffs and Trade (GATT) metamorphosed into the World Trade Organization (WTO) in 1994, it seemed that the third pillar of the international economic superstructure was finally in place. And yet with the failure of member countries to close the Doha Round of trade negotiations and the emergence of bilateral and plurilateral preferential trade arrangements (PTAs) such as the Trans-Pacific Partnership (TPP), the future of the multilateral WTO seems uncertain. In this volume, leading economists examine issues in trade policy that have arisen during this shift. The contributors discuss such topics as the effect of trade on poverty and inequality, PTAs and litigation between trading partners, the WTO Trade Facilitation Agreement, and the relationship of food security and trade liberalization. They also offer regional perspectives on the TPP and trans-Atlantic free trade. Contributors Rahel Aichele, Jagdish Bhagwati, Steve Charnovitz, Gabriel Felbermayr Dimitar Gueorguiev, Bernard Hoekman, Jonas Kasteng, Pravin Krishna, Mary Lovely, Petros Mavroidis, Devashish Mitra, Arvind Panagariya, Tom Prusa, Andre Sapir, Stefan Tangermann
The greatest strength of this thoroughly revised and expanded edition of Lectures on International Trade is its rigorous algebraic and geometric treatment of the various models and results of trade theory. The authors, who now include Arvind Panagariya, offer both policy insights and empirical applications. They have added nine entirely new chapters as well as new sections to several existing chapters (e.g., a greatly expanded treatment of the growing theory of preferential trade agreements).
Provocative essays on international trade, with particular focus on U.S. foreign trade policy. In The Wind of the Hundred Days, a new collection of public policy essays, Jagdish Bhagwati applies his characteristic wit and accessible style to the subject of globalization. Notably, he argues that the true Clinton scandal lay in the administration's mismanagement of globalization-resulting in the paradox of immense domestic policy success combined with dramatic failure on the external front. Bhagwati assigns the bulk of the blame for the East Asian financial and economic crisis-a disaster that prompts him to use as his title the poet Octavio Paz's image of devastation "I met the wind of the hundred days"-to the administration's hasty push for financial liberalization in the region. The administration, Bhagwati claims, has also mishandled the freeing of trade. The administration-hosted WTO meeting in Seattle ended in chaos and the launch of a new round of multilateral trade negotiations was dashed. Bhagwati shows how the administration's failure to get Congress to renew fast-track authority can be attributed to an unimaginative response to the demands of a growing civil society. In several essays, he shows how free trade and social agendas both could have been pursued successfully if the concerns of human-rights, environmental, cultural, and labor activists had been met through creative programs at appropriate international agencies such as the International Labour Organization instead of the WTO and via trade treaties. Bhagwati also criticizes the claim that "globalization needs a human face," arguing that it already has one. He faults the administration for embracing unsubstantiated anti-globalization rhetoric that has made its own preferred option of pursuing globalization that much more difficult.
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