search query: @indexterm TRADE AGREEMENTS / total: 235
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| Author: | Low, L. |
| Title: | The political economy of trade liberalization |
| Journal: | Asia-Pacific Development Journal
2005 : JUN, VOL. 11:1, p. 1-23 |
| Index terms: | Free trade Liberalization Political economy Trade agreements |
| Language: | eng |
| Abstract: | This article advances the view that while free trade and trade liberalization under the multilateral framework is the first best policy on purely theoretical grounds, the theory of the second best in the form of regional, plurilateral and bilateral free trade agreements is at work in the real world. The methodology of economics is an important discipline; however, dysfunctional and power-structured multilateralism, heterogenous economic structures and diverse development paths and levels render a political economy approach based on srategic pragmatism more realistic. Additionally, empirical results have demonstrated that regional, plurilateral and bilateral free trade agreements can offer benefits to complement and supplement multilateralism provided these arrangements are consistent with the rules of the World Trade Organization (WTO). |
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