- List of Figures
- List of Tables
- List of Abbreviations
- About the Contributors
- The Case For a Multilateral Trade Organization
- The Inconsistent Quartet: Free Trade Versus Competing Goals
- Trade Liberalization And Domestic Politics
- The International Trade Organization
- The Expanding Mandate Of The Gatt: The First Seven Rounds
- The Uruguay Round Negotiations and the Creation of the WTO
- The Role of the Director-General and the Secretariat
- Defining the Borders of the WTO Agenda
- Collective Agency, Systemic Consequences: Bargaining Coalitions in the WTO
- The Influence of the EU in the World Trade System
- The Role of the United States: A Multilevel Explanation For Decreased Support Over Time
- The Role of the Brics in the WTO: System-Supporters or Change Agents in Multilateral Trade?
- Least-Developed Countries In The WTO: Growing Voice
- Awkward Partners: NGOs And Social Movements At The WTO
- What Happened To The Influence Of Business? Corporations and Organized Labour In The WTO
- Trade In Manufactures And Agricultural Products: The Dangerous Link?
- Trade In Services In The WTO: From Marrakesh (1994), To Doha (2001), to… (?)
- Trade-Related Intellectual Property Rights
- Flexibilities, Rules, And Trade Remedies In The Gatt/WTO System
- Regulatory Measures
- The Trade Policy Review Mechanism
- Dispute Settlement Mechanism—Analysis And Problems
- The Dispute Settlement Mechanism At The WTO: The Appellate Body—Assessment And Problems
- WTO Judicial Interpretation
- The Dispute Settlement Mechanism: Ensuring Compliance?
- Persistent Deadlock In Multilateral Trade Negotiations: The Case Of Doha
- The Role Of Domestic Courts In The Implementation Of WTO Law: The Political Economy Of Separation Of Powers And Checks And Balances In International Trade Regulation
- Preferential Trading Arrangements
- New Trade Issues In Food, Agriculture, And Natural Resources
- Fairness In The WTO Trading System
- Labour Standards And Human Rights
- Trade And The Environment
- Proposals For WTO Reform: A Synthesis And Assessment
- The WTO And Institutional (In)Coherence In Global Economic Governance
Abstract and Keywords
The World Trade Organization is obviously concerned with trade policy, and this volume focuses on the ways it has operated in dealing with the highly contentious issues of multilateral trade liberalization, the shaping of rules and the balancing of interests, the creation of coalitions, and the nature of dispute resolution. How does the pursuit of free trade or multilateral trade connect with two other aspects of international economics, exchange rates and capital flows? The trade-off between fixed (or flexible) exchange rates, free (or controlled) movement of capital, and an active (or passive) domestic monetary policy forms the so-called ‘trilemma’ or ‘unholy trinity’ as set out in the Mundell-Fleming model. This article expands the discussion of the ‘trilemma’ to focus on the ‘inconsistent quartet’, thereby highlighting the trade-offs that have to be made between trade, exchange rates, capital controls, and domestic monetary policy. It discusses balance of payments, the inconsistent quartet and the gold standard before 1914, the inconsistent quartet between the two world wars, Bretton Woods, the development of floating exchange rates, and the great recession.
Professor Martin Daunton works on the history of economic and social policy, most recently with respect to taxation, and is currently completing a book on the economic government of the world since the Second World War. He is Professor of Economic History in the University of Cambridge and Master of Trinity Hall.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.