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Global Market Integration and National Sovereignty
Author(s) -
Brown Andrew G.,
Stern Robert M.
Publication year - 2006
Publication title -
world economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.594
H-Index - 68
eISSN - 1467-9701
pISSN - 0378-5920
DOI - 10.1111/j.1467-9701.2006.00782.x
Subject(s) - reciprocity (cultural anthropology) , sovereignty , economics , international trade , trace (psycholinguistics) , international economics , extension (predicate logic) , world trade , market integration , political science , law , sociology , macroeconomics , computer science , linguistics , philosophy , politics , anthropology , programming language
In this paper, we first trace the evolution of the global trading system from the nineteenth century to the present‐day GATT/WTO arrangements, calling attention to the key roles of reciprocity and non‐discrimination, and we note how the system is now challenged by the new paradigm of global market integration. We then consider the recent plethora of free trade agreements (FTAs), including those between industrial and developing countries, and their uneasy relationship with a multilateral system based on non‐discrimination. Thereafter, we seek to identify the boundaries of the WTO and examine how the potential expansion of these boundaries may result in the over‐extension and weakening of the effectiveness and influence of the WTO.