Jump to ContentJump to Main Navigation
The Washington Consensus ReconsideredTowards a New Global Governance$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 November 2020

The World Trading System and Implications of External Opening 1

The World Trading System and Implications of External Opening 1

(p.180) 10 The World Trading System and Implications of External Opening1
The Washington Consensus Reconsidered

Jeffrey A. Frankel

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .