Free Trade Today

Presents insights from developments in commercial policy theory to show how the pursuit of social and environmental agendas can be creatively reconciled with the pursuit of free trade. This book argues that free trade, by raising living standards, can serve these agendas far better than can a descent into trade sanctions and restrictions.

After settling the score in favor of free trade, Professor Bhagwati considers alternative ways in which it can be pursued.Chiefly, he argues in support of multilateralism and advances a withering critique of recent bilateral and regional free trade agreements (including NAFTA) as preferential arrangements that introduce growing chaos into the world trading system. He also makes a strong case for 'going it alone' on the road to trade liberalization and endorses the reemergence of unilateral liberalization at points around the globe. Forcefully, elegantly, and clearly written for the public by one of the foremost economic thinkers of our day, this volume is not merely accessible but essential reading for anyone interested in economic policy or in the world economy.

Preface vii
LECTURE 1
Confronting Conventional Threats to Free Trade: The Postwar Revolution in the Theory of Commercial Policy 1
LECTURE 2
"Fair Trade," Income Distribution, and Social Agendas: Using Trade Theory to Meet New Challenges 45
LECTURE 3
Getting to Free Trade: Alternative Approaches and Their Theoretical Rationale 91
Index 121<
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