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Termites in the Trading SystemHow Preferential Agreements Undermine Free Trade$
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Jagdish Bhagwati

Print publication date: 2008

Print ISBN-13: 9780195331653

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195331653.001.0001

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Why Has the Pandemic Broken Out?

Why Has the Pandemic Broken Out?

Chapter:
(p.15) Chapter 2 Why Has the Pandemic Broken Out?
Source:
Termites in the Trading System
Author(s):

Jagdish Bhagwati

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195331653.003.0002

It is important to first understand that few lay people and policy makers can appreciate the critical difference between preferential trade agreements (PTAs) and genuine multilateral, nondiscriminatory trade liberalization in order to fully understand the many reasons why PTAs have now turned into a pandemic and a pox on the world trading system. While the First Regionalism was certainly influenced by the European Community's first steps and the program of further steps toward full integration, its main impulse was altogether different. This regionalism struggled, and the Second Regionalism was a howling success from the early 1990s. The many elements that have contributed to the remarkable and deplorable turnaround that marks the Second Regionalism are described.

Keywords:   preferential trade agreements, Second Regionalism, First Regionalism, world trading system, trade liberalization, European Community

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