In This Review
Trade Liberalization Among Major World Trading Areas

Trade Liberalization Among Major World Trading Areas

By John Whalley

MIT Press, 1985, 304 pp.

To build a bridge between theory and policy, Professor Whalley of the University of Western Ontario uses two quite sophisticated models of international trade. He meticulously explains their limits but argues strongly for the novelty of some of his findings and the need for decision-makers to broaden their approaches. The book is not for the general reader, but if the models are subjected to the scrutiny of specialists, they yield pointers for policy on a number of issues-terms of trade, long-run adjustment costs, and the advantages of opening up the approach to trade liberalization.