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Chapter 20 International Trade Agreements

In: Contemporary and Emerging Issues in Trade Theory and Policy

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  • Wilfred J. Ethier

Abstract

Over the last 60 years, multilateral trade liberalization has reduced tariffs to historically low levels. The dominant theory of multilateral trade agreements, based solely on terms-of-trade externalities between national governments, is the conventional wisdom among international trade theorists. But it features two defects that render it inconsistent with reality. This chapter proposes a simple formulation of the political economy of protection that dispenses with terms-of-trade externalities, predicts the properties that empirical work has confirmed, and is free of the counterfactual implications of the dominant approach. The model is applied to trade agreements.

Suggested Citation

  • Wilfred J. Ethier, 2008. "Chapter 20 International Trade Agreements," Frontiers of Economics and Globalization, in: Contemporary and Emerging Issues in Trade Theory and Policy, pages 381-395, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:fegzzz:s1574-8715(08)04020-7
    DOI: 10.1016/S1574-8715(08)04020-7
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