Sovereignty, the WTO, and Changing Fundamentals of International Law
Jackson, a leading expert on trade law and the legal aspects of the World Trade Organization, offers his thoughts on the history, internal tensions, and future prospects of the WTO. For the layperson, he also provides an excellent overview of the current state of debate on international law as well as a detailed exposition of the legal evolution of the WTO over its first decade and where the WTO broke new ground compared with its predecessor. His approach is pragmatic, empirical, and nondogmatic, seeking what has worked and what is likely to work in the future. He is also thoroughly committed to the need for international organizations such as the WTO in a world of high and growing economic interdependence -- and distressed by the fact that the WTO is given far too few resources, financial and human, to carry out its mandate effectively. This excellent overview of the legal aspects of international trade should become a standard reference.
Related
Not everyone is a winner in the global economy. Unemployment is high in Europe and inequality is rising in the United States as growth proves disappointing and foreign competition drives wages down. While economists debate causes and officials fret over inflation, protectionism threatens world trade. Postwar policymakers, learning from the upheaval of the 1930s, struck a deal with workers. Bretton Woods and Dumbarton Oaks would foster global commerce, and the International Monetary Fund and domestic public policy would make sure that everyone gained. Stagflation in the 1970s undermined this social contract. Policymakers today must abandon their fiscal stringency, or more unpleasant leaders may rise.
Financial abuses -- money laundering, tax evasion, and rogue banking -- have been around for as long as there have been finances to abuse. But globalization is creating new challenges as borders dissolve. New technologies enable tiny, remote countries to make quick money through their underregulated banking systems. Recent multilateral initiatives have started to attack the problem. But if the Bush administration fails to follow through on reforms, the entire effort could fall apart.
The crises of globalization will be solved by neither a super-IMF nor an unfettered market. Herewith, a third way.

Sign-up for free weekly updates from ForeignAffairs.com.