Emerging Powers and the World Trading System: The Past and Future of International Economic Law

The US and its allies wrote the rules for international trade and investment, but by 2020, it had become the disrupter. Emerging Powers and the World Trading System explains how this came to be and addresses the micropolitics of trade law.

Format: Paperback / softback
Length: 250 pages
Publication date: 22 July 2021
Publisher: Cambridge University Press

The United States and its allies dominated international trade and investment after World War II and the Cold War. However, by 2020, the United States had become a significant disruptor, dissatisfied with the rules and constraints. Paradoxically, China, India, Brazil, and other emerging economies had become stakeholders in and sometimes defenders of economic globalization and the rules regulating it.

Emerging Powers and the World Trading System explores how this came to be and addresses the micropolitics of trade law, which has broad macro implications. This book provides a necessary complement to political and economic accounts for understanding why the United States challenged and emerging powers became defenders of the legal order that the United States created during a time of hegemonic transition where economic security and geopolitics assume greater roles.

The United States and its allies emerged victorious after World War II and the Cold War, establishing a dominant position in international trade and investment. They wrote the rules that governed these domains, shaping the global economic landscape for decades. However, by 2020, a significant shift had occurred. The United States, once the champion of free trade and open markets, began to express dissatisfaction with the existing rules and constraints.

This dissatisfaction was driven by various factors, including concerns about unfair competition, intellectual property theft, and the influence of foreign governments on domestic policies. The United States began to assert its dominance in the global economy, challenging the established rules and institutions that had been in place for many years.

One of the most notable examples of this shift was the United States' decision to withdraw from the Trans-Pacific Partnership (TPP), a comprehensive trade agreement that was negotiated by 11 countries, including the United States. The TPP was designed to promote free trade and economic growth in the Asia-Pacific region, but the United States claimed that it did not meet its standards for labor and environmental protection.

In addition to withdrawing from the TPP, the United States also began to impose tariffs on imported goods, particularly those from China. The tariffs were intended to protect American workers and businesses from unfair competition, but they also sparked tensions with other countries, particularly China, which responded with retaliatory tariffs of its own.

Another significant development was the United States' decision to renegotiate trade agreements with other countries, such as NAFTA (North American Free Trade Agreement) and the EU (European Union). The Trump administration argued that these agreements were unfair to American workers and businesses and that they needed to be renegotiated to bring more balance to the trade relationship.

Despite these challenges, emerging economies such as China, India, Brazil, and others have also become stakeholders in and sometimes defenders of economic globalization and the rules regulating it. These countries have seen significant economic growth and development in recent years, and they have a vested interest in maintaining the global economic order that has enabled their success.

Emerging Powers and the World Trading System, a book by Professor Michael W. Doyle, explores how this shift in power has come about and addresses the micropolitics of trade law. The book argues that the United States' decision to challenge the established rules and institutions has created a new dynamic in the global economy, where emerging economies are increasingly asserting their influence.

The book also examines the role of law in shaping the global economy. It argues that the practice of law has played a crucial role in developing the rules and regulations that govern international trade and investment. Through the practice of law, businesses and governments have been able to negotiate and enforce agreements, resolve disputes, and create new institutions that promote economic growth and stability.

However, the book also notes that the practice of law can be influenced by various factors, including political pressure, economic interests, and public opinion. This can lead to the creation of rules that favor certain countries or industries over others, which can have negative consequences for the global economy.

In conclusion, the United States' decision to challenge the established rules and institutions of international trade and investment has created a new dynamic in the global economy. Emerging economies such as China, India, Brazil, and others have become stakeholders in and sometimes defenders of economic globalization and the rules regulating it. While the United States' actions have led to tensions and uncertainty, they have also prompted a reevaluation of the global economic order and the role of law in shaping it.

Emerging Powers and the World Trading System provides a valuable contribution to understanding this complex and evolving landscape. By examining the micropolitics of trade law and the role of law in shaping the global economy, the book offers insights into the challenges and opportunities that lie ahead for countries and businesses around the world.

Weight: 508g
Dimension: 153 x 228 x 22 (mm)
ISBN-13: 9781108817127