New dimensions in regional integration: Regionalism and multilateralism: an overview

摘要: The question of ‘regionalism’, defined broadly as preferential trade agreements among a subset nations, is longstanding one. As with all great issues, economists have long been divided on the wisdom such arrangements. So policymakers. While this may not be evident to many who are inhibited by lack comparative advantage from pronouncing these matters, and whose pronouncements testimony enduring value theory advantage, arrangements were debated economists, such, during very formation General Agreement Tariffs Trade (GATT). context, course, was difference between British, led Keynes, devoted continuation discrimination in Britain's favour through Imperial Preference, Americans, Cordell Hull fore, strongly opposed, embraced multilateralism most favoured nation status (MFN) instead. quite characteristically, at first denounced American attachment non-discrimination then later, when British had virtually capitulated, celebrated its virtues equal passion. I will juxtapose two positions Keynes’ inimitable words, quoted Bhagwati (1991a): My strong reaction against word ‘discrimination’ result feeling so passionately that our hands must free … [T]he calls up call old lumber, most-favored-nation clause rest which notorious failure made hash world. We know also it won't work. It clutch dead, or least moribund, hand.