This excellent book develops an elegant and powerful rationale for international trade agreements: to resolve terms of trade externalities. This insight explains many of the features of GATT and the WTO and allows us to understand many of the issues on today's trade agenda. Even if you think there is more to the WTO than just the terms of trade, this is a fundamental contribution -- a 'must-read' for all serious trade scholars. -- L. Alan Winters, Professor of Economics, University of Sussex Bagwell and Staiger have developed an elegant theoretical framework for understanding the reality of multilateral trade agreements. This book is a key source for anyone interested in GATT and the WTO, not only economists but also political scientists and international law scholars. -- Giovanni Maggi, 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. They also point out key areas where we need more research. This is a valuable book. -- Patrick Low, Director of Development and Economic Research, World Trade Organization
Kyle Bagwell is Professor of Economics and Senior Fellow at the Stanford Institute for Economic Policy Research. He is also Research Associate at the National Bureau of Economic Research.
"An excellent book, providing precise formal analysis of nearly every question that has been asked concerning the origins, objectives, and implications of the GATT/WTO. It deserves to be widely read and to find a prominent place on graduate-course reading lists." - M. C. Kemp, Journal of Economics
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