Efficiency, equity, and legitimacy : the multilateral trading system at the millennium /

A galaxy of star economists (e.g., Jagdish Bhagwati, Gary Hufbauer, Jeffrey Sachs, Joseph Nye Jr., to name a few) contribute to this timely and substantive collection of essays, critiquing problems besetting the world trading system and offering their solutions. It is an appropriately titled Festschrift for eminent economist Raymond Vernon, known for his original contributions to the theory of international trade and investment. Main sections of this publication address major challenges to the multilateral trading system noted in the title--issues of efficiency, equity, and legitimacy. Topics discussed are wide ranging and include the distribution of costs and benefits of multilateral trade liberalization; costs and benefits of trade liberalization among countries and various workers; the effects of multilateral rule making on national sovereignty; reforms to the governing structure of the World Trade Organization (WTO); and WTO dispute settlement issues. Some ills of the world trading system identified include the increasing retreat of corporations in the North; the inability of Northern governments to meet the market access demands of the South; and failure of judicialization of the WTO, including tense and suspicious relations between the US and EU. This insightful volume is recommended for academic collections, lower-division undergraduate through faculty, as well as professional collections. C. J. Talele Columbia State Community College