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The Political Economy of the World Trading System: From GATT to WTO
The Political Economy of the World Trading System: From GATT to WTO
By Bernard Hoekman and Michel Kostecki
Oxford University Press, 1996, 301 pp
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The completion in 1994 of the Uruguay Round and the creation of the World Trade Organization were major achievements in multilateral trade policy and international cooperation, completing the system of international institutions begun in 1945. But the agreements taken together run to thousands of pages. Hoekman and Kostecki have performed a signal service by writing an up-to-date primer on GATT, as modified and extended by the Uruguay Round. In straightforward language they explain the trading system after Uruguay and its still-unresolved issues. Most important, Uruguay extends the formal international trading system to services for the first time, with rules that parallel but necessarily differ from those for goods. The trade rules are full of dry but significant details, and this book reflects both aspects. It is a most useful introductory handbook on the subject.