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Chapter

Cover Global Political Economy

6. Trade  

Erin Hannah and James Scott

This chapter assesses the global trade system. It begins by looking at the debate over free trade and protectionism. The chapter explores the evolution of the multilateral trade system, with particular emphasis on the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO), highlighting the centrality of trade liberalization and non-discrimination in contemporary trade relations. It then considers the debates surrounding the relationship between trade and development, particularly around how multilateral trade rules reflect unequal power relations, and the social consequences of liberalized trade. The chapter also reflects on the recent backlash against neoliberal trade and the ostensible turn towards protectionism in some parts of the world. Finally, it highlights the gendered nature of trade and how it affects gender equality.

Chapter

Cover Politics in the Developing World

4. The Developing World in the Global Economy  

Robert Ahearne

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.