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• W287652981 abstract "America's Trade Follies: Turning Economic Leadership into Strategic Weakness. By Bernard K. Gordon. New York: Routledge, 2001. Pp. 177. Regionalism is alive and well and living everywhere. Prior to the 1980s, regionalism in developed countries was confined to Europe. A plethora of inward-looking trade blocs were created in Latin America and Africa but all were short-lived and/or unsuccessful. ASEAN constitutes, perhaps, an exception, but its economic-integration agreements were highly limited in depth and coverage until the late 1980s. From the early 1980s, the United States began to negotiate its own preferential trading arrangements and has been quite active since. Japan and South Korea, the last bastions of faithful multilateral ism, began to consider joining the bandwagon in 1999, including negotiations for a free trade agreement (FTA) between each other. Hence, while the European Commission (EC) is still the most important source of preferential trading agreements (according to Messerlin [2001], it was the direct or indirect source of two-thirds of all such accords), regionalism is truly a global phenomenon: The World Trade Organization (WTO) reports over 200 FTAs, with the greatest increases in numbers coming in the late 199(1s. Many more are currently being negotiated. Certainly, this trend is of great significance to the future of the international trading system and globalization in general. Many hopes are being placed on the newly launched development agenda which emerged from the November 2001 WTO Ministerial Meeting in Doha. However, many obstacles, particularly in such sensitive areas as agriculture, textiles, and competitions policy, will have to be overcome if a substantive agreement is to be reached. While the vast majority of economists would prefer a multilateral approach to economic integration, the regionalism approach appears to be emerging as either an alternative to, or at least a complementary feature of, the globalization process. The question of whether or not regionalism supports or militates against multilateralism continues to be as essential as it is controversial. In his well-written, easy-to-read book, Bernard Gordon not only takes on this question but also raises it to the logical next level, that is, the strategic political economy of regionalism, with a focus on U.S. policy. Economists have generally ignored this question in their myriad academic analyses, though they have not been shy in giving their opinions on the subject. For example, in the debate leading to the adoption of the North American Free Trade Area (NAFTA), a majority of the most influential economists was in favour of NAFTA, but not necessarily because of the positive effects on the U.S. economy that the economic profession had predicted, which in fact were quite small. Instead, they tended to favour regionalism as a means of reinforcing and encouraging economic reform in Mexico. Support even among economists generally had less to do with empirical analysis than political-economy realities, an area that has been conspicuously neglected in formal economic analysis. Professor Gordon is especially interested in U.S. strategic trade policy, but the wealth of analysis in the book covers many nations. His sweeping critiques of the situations in Latin America and Japan are particularly insightful. After an introductory chapter, Professor Gordon reviews U.S. trade in the global context before dividing it by region, that is, Europe, the Western Hemisphere, and Asia. …" @default.
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• W287652981 title "America's Trade Follies: Turning Economic Leadership into Strategic Weakness" @default.
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