America and the Trade Regime: What Went Wrong? – ScienceOpen
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      America and the Trade Regime: What Went Wrong?

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      International Organization
      Cambridge University Press (CUP)

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          Abstract

          The era of American leadership in the multilateral trading regime has ended. This paper argues that this current antipathy to trade is unsurprising: support for US leadership of the regime has always rested on a precarious balance among domestic interests. To overcome a historic bias in favor of home market production, American leaders created incentives for exporters to organize while creating roadblocks for import-competing firms and their employees. The dominance of the exporters’ voice had a significant influence on the policies the US pursued in the design and execution of the global trade regime. Most importantly, the absence of labor's voice undermined the prospect for “embedded liberalism” and instead resulted in an anemic system of adjustment for job loss at home and limited support for worker interests within the regime. While policymakers’ decision to shift power away from potential “veto” groups may have been necessary for US leadership of the Liberal International Order, this institutional design undermined a robust response to the economic dislocation thought to be a result of globalization. The result was a fracturing of the coalition in support of American leadership in the GATT/WTO regime.

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          Most cited references45

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          International regimes, transactions, and change: embedded liberalism in the postwar economic order

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            An Economic Theory of GATT

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              Policy Uncertainty, Trade, and Welfare: Theory and Evidence for China and the United States

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                Author and article information

                Journal
                International Organization
                Int Org
                Cambridge University Press (CUP)
                0020-8183
                1531-5088
                2021
                April 12 2021
                2021
                : 75
                : 2
                : 524-557
                Article
                10.1017/S002081832000065X
                9d66e151-5b02-45de-9ff9-0e2ede2f1a89
                © 2021

                https://www.cambridge.org/core/terms

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