Higgott, Richard A.. (2009) Not just a "second order" problem in a wider economic crisis: systemic challenges for the global trading system. Business and Politics, Vol.11 (No.3). Article 5. ISSN 1469-3569

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Abstract

Reform of the multilateral trade regime is not simply a second order problem within a wider economic crisis. The completion of the Doha Round may be a second order question but the global trade regime faces a series of broader systemic challenges beyond the completion of the current negotiations. This paper identifies five challenges: (i) a marked reduction in popular support for open markets in major OECD countries; (ii) the stalling of a transition from one global economic equilibrium to another; (iii) a lack of clarity and agreement on the agenda and objectives for the WTO as we move deeper into the 21st century; (iv) the demand for fairness and justice in the governance of the WTO—the 'legitimacy' question and (v) the rise of regional preferentialism as a challenge to multilateralism. Failure to address these challenges will represent not only a fundamental question for the future of the WTO as the guarantor of the norms and rules of the global trade regime specifically, but also the ability to establish greater coherence in global economic governance overall when its need is arguably greater than at any time since the depression years of the 20th century inter-war period.

Item Type:	Journal Article
Subjects:	H Social Sciences > HF Commerce J Political Science > JZ International relations
Divisions:	Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation
Library of Congress Subject Headings (LCSH):	World Trade Organization, Doha Development Agenda (2001- ) , Commercial policy, International economic relations, International trade
Journal or Publication Title:	Business and Politics
Publisher:	Berkeley Electronic Press
ISSN:	1469-3569
Date:	October 2009
Volume:	Vol.11
Number:	No.3
Page Range:	Article 5
Identification Number:	10.2202/1469-3569.1260
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
Funder:	Sixth Framework Programme (European Commission) (FP6), BMW Foundation Herbert Quandt (BMWFHQ)
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URI:	http://wrap.warwick.ac.uk/id/eprint/2212

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