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Who's Afraid of the WTO?$
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Kent Jones

Print publication date: 2004

Print ISBN-13: 9780195166163

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780195166163.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 May 2021

The Adjustment Problem and Protectionism

The Adjustment Problem and Protectionism

(p.48) 3 The Adjustment Problem and Protectionism
Who's Afraid of the WTO?

Kent Jones

Oxford University Press

Chapter 3's mainly discusses the opposition to trade liberalization and the goals of the WTO coming from the adjustment problem. Economic adjustment is an ongoing and continuous process in all markets, in all countries, and it comes in many different forms. Any significant change in the underlying conditions of supply and demand will initiate market-driven adjustments. Opposing globalization and the adjustment that goes with it through a strategy of opposing the WTO is, in the end, a rearguard action against structural economic change and a political bid to shift the burden of that change to others and to the economy as a whole. Do away with the WTO, and many governments will succumb to the protectionist influences that the WTO was intended to keep at bay, the chapter states.

Keywords:   supply and demand, trade liberalization, economic adjustment, globalization, WTO, protectionist influences

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