The Political Economy of the World Trading System: The WTO and Beyond is a book written by Bernard Hoekman and Michel M. Kostecki, both prominent economists known for their research in the field of international trade and economic policy. The book, first published in 2001, provides a comprehensive and detailed analysis of the political economy of the world trading system and its implications for economic policy and analysis.
The book begins by introducing the basic concepts of the world trading system, such as the World Trade Organization (WTO), trade agreements, and trade policy. It then goes on to cover a range of topics in the political economy of the world trading system, including the historical evolution of the trading system, the role of institutions in shaping trade patterns, and the current challenges facing the global trading system.
One of the key contributions of the book is Hoekman and Kostecki's examination of the political economy of the world trading system and the ways in which it has been shaped by economic, political, and social factors. They provide a detailed analysis of the institutional and policy framework of the world trading system and its impact on economic growth and development.
The book also examines the implications of the world trading system for economic policy and analysis, particularly for developing countries. Hoekman and Kostecki provide a balanced and objective analysis of the benefits and costs of different trade policy options, and they encourage the reader to consider the trade-offs involved in policy decisions.
The Political Economy of the World Trading System is considered a comprehensive and influential analysis of the political economy of the world trading system and its implications for economic policy and analysis. It is widely used as a textbook in university courses and it is considered a valuable resource for students, scholars, and anyone interested in understanding the political economy of the world trading system.
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