New Frontiers in Free Trade-Globalization's Future and Asia's Rising Role
Copyright © 2008 by Cato Institute.
All rights reserved.
The Cato Institute would like to thank the Institute of Economic Affairs, London,
for the rights to reproduce this text, first published by the Institute of Economic
Affairs in 2008 under the title Trade Policy, New Century: The WTO, FTAs and
Asia Rising.
Library of Congress Cataloging-in-Publication Data
Sally, Razeen, 1965–
New frontiers in free trade : globalization’s future and Asia’s rising role /
Razeen Sally.
p. cm.
Includes bibliographical references and index.
ISBN 978-1-933995-21-2 (hardback : alk. paper)
1. Free trade. 2. Foreign trade regulation. 3. World Trade Organization.
4. Asia—Commercial policy. 5. International trade. I. Title.
HF1714.S25 2008
382
.71095 2008029683
Cover design by Jon Meyers.
Printed in the United States of America.
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Contents
1. A SHORT INTRODUCTION 1
2. FREE TRADE VS. PROTECTION 5
3. THE POLITICAL ECONOMY OF TRADE 21
4. THEWORLD TRADE ORGANIZATION 57
5. PREFERENTIAL TRADE AGREEMENTS 73
6. ASIA, CHINA, AND UNILATERAL LIBERALIZATION 91
7. CONCLUSION: THE FUTURE OF FREE TRADE 115
NOTES 135
INDEX 145