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NAFTA and the Legalization of World Politics: A Case Study

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  • Abbott, Frederick M.

Abstract

I examine the trend toward using hard legal instruments in international trade governance and explain this trend in the context of the North American Free Trade Agreement (NAFTA). I suggest that hard law (1) reduces intergovernmental transaction costs, (2) reduces private risk premiums associated with trade and investment, (3) promotes transparency and provides corollary participation benefits, (4) tends to restrain strategic political behaviors, and (5) may increase the range of integration effects by encouraging private actors to enforce intergovernmental obligations. I compare the legalization model of NAFTA with those of the European Union (EU) and the Asia-Pacific Economic Cooperation (APEC) forum.

Suggested Citation

  • Abbott, Frederick M., 2000. "NAFTA and the Legalization of World Politics: A Case Study," International Organization, Cambridge University Press, vol. 54(3), pages 519-547, July.
    • Handle: RePEc:cup:intorg:v:54:y:2000:i:03:p:519-547_44
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    Cited by:

    1. Arslan Tariq RANA & Mazen KEBEWAR, 2014. "The Political Economy of FDI Flows into Developing Countries: Does the Depth of International Trade Agreements Matter?," LEO Working Papers / DR LEO 2135, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    2. Jennifer Tobin & Susan Rose-Ackerman, 2003. "Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties," William Davidson Institute Working Papers Series 587, William Davidson Institute at the University of Michigan.
    3. Jennifer Tobin & Susan Rose-Ackerman, 2011. "When BITs have some bite: The political-economic environment for bilateral investment treaties," The Review of International Organizations, Springer, vol. 6(1), pages 1-32, March.
    4. Cowhey, Peter F. & Richards, John E., 2002. "Deregulating and liberalizing the North-American telecommunications market: Explaining the US-approach," HWWA Discussion Papers 164, Hamburg Institute of International Economics (HWWA).
    5. Thi Nguyet Anh Nguyen & Thi Hong Hanh Pham & Thomas Vallée, 2020. "Trade Volatility in the Association of Southeast Asian Nations Plus Three: Impacts and Determinants," Asian Development Review, MIT Press, vol. 37(2), pages 167-200, September.
    6. Andrea E. Goldstein & Steven M. McGuire, 2004. "The Political Economy of Strategic Trade Policy and the Brazil–Canada Export Subsidies Saga," The World Economy, Wiley Blackwell, vol. 27(4), pages 541-566, April.
    7. Beth Yarbrough & Robert Yarbrough, 2003. "Homogeneity and Heterogeneity Within and Across Boundaries and Shorelines: Ensemble of Darwin's Finches and Human Transaction Types," Journal of Bioeconomics, Springer, vol. 5(2), pages 165-191, May.
    8. Murray G Smith, 2011. "The North American Free Trade Agreement: Fait Accompli?," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume I, chapter 15, Edward Elgar Publishing.
    9. Swantje Renfordt, 2010. "How International Law Standards Pervade Discourse on the Use of Armed Force - Insights into European and US Newspaper Debates between 1990 and 2005," KFG Working Papers p0013, Free University Berlin.
    10. Courchene, Thomas J., 2003. "FTA at 15, NAFTA at 10: a Canadian perspective on North American integration," The North American Journal of Economics and Finance, Elsevier, vol. 14(2), pages 263-285, August.
    11. Rauh, Christian & Zürn, Michael, 2020. "Authority, politicization, and alternative justifications: endogenous legitimation dynamics in global economic governance," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(3), pages 583-611.
    12. Cowhey, Peter F. & Richards, John E., 2002. "Deregulating and Liberalizing the North-American Telecommunications Market: Explaining the US-Approach," Discussion Paper Series 26378, Hamburg Institute of International Economics.
    13. Mückenberger, Ulrich, 2008. "Civilising Globalism: Transnational Norm-Building Networks – A Research Programme," GIGA Working Papers 90, GIGA German Institute of Global and Area Studies.

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