Does Bilateralism Promote Trade? Nineteenth Century Liberalization Revisited

摘要: Textbook accounts of the Anglo-French trade agreement 1860 argue that it heralded beginning a liberal trading order. This alleged success has much interest from policy point view: unlike modern GATT/WTO multilateral agreements, rested on bilateral negotiations. But, in reality, how great were its effects? With help new data international we provide empirical evidence. We find treaty and subsequent network Most Favoured Nation (MFN) agreements coincided with end period unilateral liberalization across world, did not contribute to expand at all. is contrary deeply rooted belief among economists economic historians. conclude that, popular wisdom, bilateralism promote 19th century.