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Free Trade: What is it Good For? Globalization, Deregulation, and ‘Public Opinion’
Author(s) -
Reid Emily,
Steele Jenny
Publication year - 2009
Publication title -
journal of law and society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.263
H-Index - 48
eISSN - 1467-6478
pISSN - 0263-323X
DOI - 10.1111/j.1467-6478.2009.00454.x
Subject(s) - deliberation , globalization , legitimacy , deregulation , value (mathematics) , accountability , institution , free trade , public value , public opinion , liberalization , law and economics , political science , economics , political economy , public administration , international trade , market economy , law , politics , machine learning , computer science
Deliberation is an essential element in legitimate and sound decision making. The deliberative ideal has much resonance with ideas of ‘localization’, employing the value of local and applied knowledge. Participation is also of particular value under globalization. We argue that the capacity of the World Trade Organization (WTO) to absorb and reflect participatory aspects of decision making is crucial to its future legitimacy and status. Should the WTO be seen as one of the darker forces of globalization? Or as an emerging institution of global accountability? The latter depends upon recognition that the potential deregulatory effect of the WTO is contingent, and that the liberalization of international trade should enhance welfare, rather than be a goal in its own right. Deliberative solutions require a strong public sphere, and we therefore consider whether solutions based on ‘empowered consumer choice’, rather than public deliberation, are unsatisfactory responses to the deregulatory impact of international trade disputes and their outcomes.