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The Washington Consensus ReconsideredTowards a New Global Governance$
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Narcís Serra and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199534081

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199534081.001.0001

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The World Trading System and Implications of External Opening 1

The World Trading System and Implications of External Opening 1

Chapter:
(p.180) 10 The World Trading System and Implications of External Opening1
Source:
The Washington Consensus Reconsidered
Author(s):

Jeffrey A. Frankel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199534081.003.0010

Countries can still reap substantial economic benefits from external opening — an estimated 0.3% increase in income over twenty years for each 0.01 increase in the ratio of trade to GDP. Non-economic effects of trade are more complicated. Taking the case of SO2 pollution, trade can be on net beneficial, while for CO2 the outlook is worse, absent effective global governance, due to the international free rider problem. This chapter considers what should be priorities for the form and content of trade negotiations. The conclusion is to favour multilateral negotiations, as in the WTO. The chapter's back-of-the-envelope attempt to take into account dynamic gains says that the increase in welfare from comprehensive multilateral liberalization, such as the Doha Round if it had been successful, might have been 2% of global income. Environmental issues increasingly need to be addressed through multilateral institutions as well; they cannot be addressed through the assertion of national sovereignty.

Keywords:   international trade, environment, external opening, global governance, free rider problem, multilateral negotiations

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