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CIAO DATE: 06/07
December 2005 -- WTO Special Edition
Essays
From Seattle to Hong Kong by Jagdish Bhagwati
There have been eight rounds of multilateral trade negotiations prior to Doha. Although they all ended well, it is important to remember that few went smoothly. Negotiators in Hong Kong now face real obstacles, but there is reason for hope -- if, that is, they have the will and courage to do what is necessary to succeed.
With or Without Doha by Charlene Barshefsky
Today, the United States confronts four urgent challenges: imbalances in global trade and capital flows, South America's drift, Asia's economic integration, and the Muslim world's decline. International trade policy alone cannot solve these complex concerns, but it can play a pivotal role in dealing with each.
Rescuing the Doha Round by C. Fred Bergsten
The Doha Round could become the first major multilateral trade talks to fail since the 1930s. To prevent a collapse, policymakers in the G-8 and key developing countries must resolve global monetary and current account imbalances, counter the backlash against globalization, and find a way to jolt the talks back to life.
The Stakes of Doha by Carla A. Hills
Americans should care deeply about the Doha Round, but many do not understand what it means for them and the rest of the world. With the talks barely moving, it is time for supporters of free trade to educate the American people in order to give Washington the backing it needs to break the deadlock.
Correcting Misperceptions by Peter D. Sutherland
If trade talks were founded on a rational analysis of economic interests, they would be much easier to conduct and conclude. But most are not, and the Doha Round is no different. The key to ensuring that something worthwhile does emerge from it is to distinguish narrow political agendas from the broader public interest.
Liberalizing Agriculture by Arvind Panagariya
Agriculture will be the make-or-break issue in Hong Kong. On the surface, obstacles to an agreement seem insuperable. But a careful examination of the current agricultural trade regime reveals that prospects for an agreement are not as bleak as they appear.
Doha and Development by William R. Cline
World leaders have dubbed Doha the "development round" because they recognize how much free trade would do to foster development -- and how urgent the need for development is. For those hopes to be realized, both industrialized and developing nations must go further toward getting rid of existing barriers.
Antidumping: The Third Rail of Trade Policy by N. Gregory Mankiw and Phillip L. Swagel
Although few U.S. politicians will admit it, antidumping policy has strayed far from its original purpose of guarding against predatory foreign firms. It is now little more than an excuse for a few powerful industries to shield themselves from competition -- at great cost to both American consumers and American business.
Comments
The Overstretch Myth by David H. Levey and Stuart S. Brown
The United States' current account deficit and foreign debt are not dire threats to its global position, as would-be Cassandras warn. U.S. power is firmly grounded on economic superiority and financial stability that will not end soon.
Reviews & Responses
How Scary Is the Deficit? by Brad Setser et al.
The trade deficit poses a major threat to U.S. economic stability, argue Brad Setser and Nouriel Roubini; Levey and Brown demur.
Essays
Sinking Globalization by Niall Ferguson
Could globalization collapse? It may seem unlikely today. Yet despite many warnings, people were shocked the last time globalization crumbled, with the onslaught of World War I. Like today, that period was marked by imperial overstretch, great-power rivalry, unstable alliances, rogue regimes, and terrorist organizations. And the world is no better prepared for calamity now.