The Oxford Handbook of International Commercial Policy

As we enter the 2010s, the global economy is becoming increasingly integrated. International trade has been growing rapidly, an ostensibly irresistible trend that was only temporarily disrupted by the 2008-09 global recession. Globalization has become associated with a country's economic success while failure to open up markets is often viewed as a cause of economic stagnation. This is predicted by economic theory and verified by empirical investigations. One reason for the growth of trade is the impressive reduction of trade barriers over the past 60 years; namely the pursuit of liberal commercial policy by many countries, led by the United States. Yet, particularly with the economic malaise that has persisted since the Great Recession, the role of commercial policy has become increasingly controversial in the media and other public fora. The relationship between trade and employment, as well as the implications of trade for income distribution, are examples of profound influences on national economies that have provoked intensive debate in the public realm. These domestic effects go a long way towards explaining the widespread backlash against globalization that we have observed in recent years. This volume of contributions from some of the best-known international trade economists explores and analyzes the various aspects of commercial policy -- theoretical, empirical, and institutional -- in a way that standard texts in international economics do not. It does this via two sets of chapters: the first part covers general approaches to commercial policy, including theoretical, institutional, historical, and empirical contributions. Topics addressed include a general analysis of free trade compared to its alternatives, the future of the international trading system (including the regional trade agreement zeitgeist), trade's effects on employment, and the "special" case of agriculture. The second part is comprised of country-specific and regional applications, including case studies of key players in the international trading system (United States, the European Union, and Japan); small, open markets (Australia and Israel); large emerging markets (China and India); and a South-South regional grouping (the Association of Southeast Asian Nations).

INTRODUCTION AND OVERVIEW: By Modechai E. Kreinin, Michigan State University and Michael G.; Plummer, the Johns Hopkins University and OECD; PART I: General Approaches to Commercial Policy; Chapter 1: Free Trade and Its Alternatives; By Sven W. Arndt, Claremont McKenna College; Chapter 2: The International Trading System and Its Future; By Rachel McCulloch, Brandeis University; Chapter 3: Administration of Commercial Policy; By Alfred E. Eckes Jr., Ohio University; Chapter 4: Trade and the Labor Market: Recent Development and New Frontiers; By Carl Davidson, Michigan State University and Nicholas Sly, University of Oregon; Chapter 5: Protection of Agriculture; By Tim Josling, Stanford University; Chapter 6: Theory and Economic Modeling of Regional Trading Agreements; By Modechai Kreinin, Michigan State University and Michael Plummer, the Johns Hopkins University and OECD; Chapter 7: The Ruled-Based Trading System; By Cristiane Carneiro, University of Sao Paulo and Gary Hufbauer, Institute for International Economics; PART II: Country (Regional) Studies; Chapter 8: U.S. Trade Policy Since 1934: An Uneven Path Toward Greater Trade Liberalization; By Robert E. Baldwin, University of Wisconsin; Chapter 9: The European Community Commercial Policy; By Patrick A. Messerlin, University of Paris; Chapter 10: Japan's Commercial Policy; By Masahiro Kawai, ADB Institute, and Shujiro Urata, Waseda University,; Chapter 11: Commercial Policy and Experience in the Giants: China and India; By Ganeshan Wignaraja, Asian Development Bank; Chapter 12: Australian Commercial Policies; By Peter Lloyd, University of Melbourne; Chapter 13: The European Transition Economics; By Torbj?rn Becker and Anders Fredriksson, Stockholm School of Economics; Chapter 14: Trade Liberalization in a Small Open Economy: The Case of Israel; By Michael Michaeli, The Hebrew University; Chapter 15: ASEAN Commercial Policy; By Hal Hill and Jay Menon

Mordchai E. Kreinin is University Distinguished Professor of Economics at Michigan State University and past President of the International Trade and Finance Association. Michael G. Plummer is Head of the Development Division at the Organisation for Economic Co-operation and Development (OECD) and the Eni Professor of International Economics at Johns Hopkins University, SAIS-Bologna. He is also Editor-in-Chief of the Journal of Asian Economics and Director, American Committee for Asian Economic Studies (ACAES), and is a non-resident Senior Fellow of the East-West Center.