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Chapter

16. Trade Policy  

Making Policy in Turbulent Times

Alasdair R. Young

This chapter introduces the importance of EU trade policy both to the European integration project and to the EU’s role in the world. It explains how different aspects of trade policy are made. The chapter also charts how the emphasis of EU trade policy has shifted from prioritizing multilateral negotiations to pursuing bilateral agreements. It considers how the EU has responded to the apparent politicization of trade policy within Europe and to the United States’ more protectionist and unilateral trade policy. It also considers Brexit EU trade policy and how trade policy complicated Brexit. It argues that there has been considerable continuity in EU trade policy despite these challenges.

Chapter

This chapter examines how the European Payments Union resolved the problem of currency convertibility and unlocked the potential of trade liberalization, thereby paving the way for the European Economic Community (EEC), which in turn spurred further intra-European trade. It first provides an overview of trade and payments before and immediately after World War II and goes on to discuss postwar approaches to convertibility and liberalization. It then considers the degree, speed, and commitment with which countries opened up their domestic markets to each other's exports under the Trade Liberalization Programme. It concludes with an assessment of Britain's efforts to join a wider free trade area with the members of the Organization for European Economic Cooperation.

Chapter

Jennifer Sterling-Folker

This chapter examines the neoliberalist argument that international institutions promote international cooperation. While neoliberalism acknowledges that cooperation can be difficult to achieve in anarchic conditions, it insists that institutions allow states to overcome a variety of collective action impediments. The central concern of neoliberal analysis is how institutions do so, and how they might be redesigned to more efficiently obtain cooperative outcomes. This chapter considers three questions that are relevant for understanding neoliberal contributions: How did neoliberalism emerge? What are the barriers to international cooperation? How does neoliberalism study international institutions? The chapter uses the World Trade Organization as a case study to illustrate the importance of institutional design for international free trade cooperation. Along the way, various concepts such as interdependence, hegemonic stability, hegemon, bargaining, defection, compliance, autonomy, and principal–agent theory are discussed, along with the game known as Prisoner’s Dilemma.

Chapter

Jennifer Sterling-Folker

This chapter examines the neoliberalist argument that international institutions promote international cooperation. While neoliberalism acknowledges that cooperation can be difficult to achieve in anarchic conditions, it insists that institutions allow states to overcome a variety of collective action impediments. The central concern of neoliberal analysis is how institutions do so, and how they might be redesigned to more efficiently obtain cooperative outcomes. This chapter considers three questions that are relevant for understanding neoliberal contributions: How did neoliberalism emerge? What are the barriers to international cooperation? How does neoliberalism study international institutions. The chapter uses the World Trade Organization as a case study to illustrate the importance of institutional design for international free trade cooperation. Along the way, various concepts such as interdependence, hegemonic stability, hegemon, bargaining, defection, compliance, autonomy, and principal–agent theory are discussed, along with the game known as Prisoner's Dilemma.

Chapter

This chapter examines the role of developing countries in the contemporary global economy. It first provides an overview of trends in the global economy, taking into account the implications of globalization for the developing world and the question of free trade vs protectionism. It then considers three key features of an increasingly globalized economy and their significance for the developing world: trade, foreign direct investment (FDI), and financial flows. It also discusses the role(s) of developing countries in global trade, the advantages and disadvantages of FDI, and two major components of the global economy that can cause serious economic disruptions: the buying and selling of currencies and stocks and shares in local economies, and the rapid movement of capital across borders. The chapter concludes with an assessment of factors that can reduce the economic well-being of countries in the developing world.

Chapter

6. Leave It to the Market  

Economic Rationalism

Economic rationalism involves the intelligent deployment of market instruments to achieve public ends such as environmental protection and resource conservation. The instruments in question can involve the establishment of private property rights in land, air, and water; “cap and trade” markets in pollution rights (emissions trading); tradeable quotes in resources such as fish; green taxes, such as a carbon tax; and the purchase of offsets to compensate for environmentally damaging behavior. These instruments have been adopted in many countries, though with some resistance from those who believe there is more to life than economic reasoning.

Chapter

16. Trade Policy  

Policy-Making after the Treaty of Lisbon

Stephen Woolcock

This chapter examines the decision-making process in the European Union’s trade and investment policy following the changes brought about by the Treaty of Lisbon. It shows how EU policy competence has been extended progressively over many years due to internal institutional developments, but also in response to demands made upon the EU by external drivers. It also considers the respective roles of the EU institutions and argues that effective policy-making requires that all of the major actors have faith in the decision-making regime. Such a regime involving the European Commission and the European Council was developed by the EU over many years. The challenge for decision-making is for the European Parliament to be integrated into this regime. The chapter explains how the EU has shifted to a policy that includes the active pursuit of free trade agreements in parallel with efforts to promote a comprehensive multilateral trade agenda.

Chapter

This chapter examines U.S. foreign policy debates and policy management under the direction of George H. W. Bush and Bill Clinton. It first provides an overview of post-Cold War American internationalism before discussing the so-called ‘Kennan sweepstakes’: a conscious effort to find a post-Soviet statement of purpose to rival George Kennan’s early Cold War concept of ‘containment’ of communism. It then considers U.S. foreign policy making in the new order and in the post-Cold War era. Both the Bush and Clinton administrations wrestled with the problem of deciding on a clear, publicly defensible, strategy for U.S. foreign policy in the new era. Clinton’s first term was dominated by free trade agendas and by efforts to operationalize the policy of ‘selective engagement’, while his second term involved a noticeable turn towards unilateralism and remilitarization. The New World Order was Bush’s main contribution to thinking beyond the Cold War.

Chapter

This chapter focuses on the historical origins and the subsequent intellectual lineage of the three core theoretical positions within contemporary global political economy (GPE): realism, liberalism, and Marxism. ‘Textbook GPE’ privileges nineteenth-century understandings of political economy when discussing the pre-history of its own field. This helps explains GPE's treatment of feminist scholarship within the textbooks; feminism remains largely marginalized from textbook GPE, presented as something of a postscript to avoid accusations of it having been omitted altogether rather than being placed centre stage in the discussion. The chapter then looks at how the nineteenth-century overlay operates in textbook GPE. To do so, it makes sense to concentrate in the first instance on the issue that did most to divide nineteenth-century economists: namely, the free trade policies resulting from the general ascendancy of laissez-faire ideology. The most celebrated of the critics, Friedrich List, is treated much more as a dependable authority figure in GPE than he is in the history of economic thought. Indeed, in textbook GPE, the disputes between realist and liberal positions is very often presented initially through an account of List's work, despite the pre-history of liberalism being much the longer of the two.

Chapter

This chapter examines the pervasiveness and importance of enlargement in the history of European integration. It first considers the principles, conditions, and instruments of enlargement before discussing the roles of various institutional actors and the candidate states. It then shows how, faced with the likelihood of large-scale Central and Eastern European accession, the European Union extended the requirements for membership to include the candidate countries' democratic credentials and economic competitiveness. The first enlargement included Britain, Denmark, and Ireland, followed by Greece, Spain, and Portugal, the European Free Trade Association, the Central and Eastern European countries, Cyprus, and Malta. The chapter also explains how the EU has developed a variety of strategies to deal with growing differences among the member states' socio-economic situations and policy needs without formally resorting to a division of its membership in concentric circles, core and peripheral groups, or alternative frameworks.

Chapter

This chapter examines how policy towards the European Economic Community (EEC) fitted in with French leader Charles de Gaulle's broader European and international objectives and how the international constraints on his certain vision of France gave rise to his evolving, uncertain idea of Europe. Having denounced the Treaty of Rome before coming to power in 1958, de Gaulle ensured the EEC's survival by undertaking financial reforms in France and warding off Britain's effort to negotiate a wider free trade area. He linked these initiatives to implementation of the common agricultural policy (CAP). The chapter also considers de Gaulle's proposal for an independent and intergovernmental European Union and his role in the so-called Empty Chair Crisis of 1965–6. Finally, it discusses the impact of de Gaulle on the course of European integration.