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With rapid growth in the volume of world trade and investment. borderless world economy is being formed. Trade frictions between countries are more often taking place. So trade policy in one counto' i...
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With rapid growth in the volume of world trade and investment. borderless world economy is being formed. Trade frictions between countries are more often taking place. So trade policy in one counto' is determined not only by the country's policy stances, but also by the counterpart country's ones. As becoming more complex in trade policy-determining process, precise understandings in trade policy-determining mechanism are needed.
This paper is to explain political-economic implications on protectionism. trade frictions and trade negotiations. The results of this investigation can be summarized as follows.
First. although free trade gives maximum welfare to the whole society, some groups of the society get benefit from it and others do not. While the former groups are large in member and weak in political power, the latter are small and strong. This is why trade protectionism does not disappear.
Second. multilateral and comprehensive trade negotiations are better than bilateral and independent ones for the whole society's interests. But making the agreements politically is very difficult.
Third. every countries in the world try to get their own interests in the multilateral negotiations. so it is not likely that any rules matching all country's interests could be easily agreed. Furthermore America's economic
hegemony does not exist any more. In this situation. how to build institutions and rules of the world trade should be considered in multilateral dimensions.
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Abstract