Journal of Asia-Pacific Studies 2023 KCI Impact Factor : 0.61
-
pISSN : 1225-8539 / eISSN : 2671-5171
- https://journal.kci.go.kr/japs
KJCKorea
Journal Central
Can the WTO Curb Protectionism? Global Financial Crisis, Protectionism, and the WTO
- Journal of Asia-Pacific Studies
- Abbr : JAPS
- 2017, 24(3), pp.105-136
- DOI : 10.18107/japs.2017.24.3.004
- Publisher : Institute of Global Affairs
- Research Area : Social Science > Social Science in general
- Received : August 17, 2017
- Accepted : September 15, 2017
- Published : September 30, 2017
Don Moon 1
1경희대학교
Accredited
ABSTRACT
This paper explores whether and how trade protectionism has expanded after the global financial crisis in 2008 and the subsequent Great Recession. The mainstream view has insisted that current protectionism has been successfully tamed thanks to various factors; (1) the existence of policy substitutes to protectionism such as fiscal/monetary policies, (2) global value chains that have transformed domestic balance of power in favor of free trade and against protectionism, and (3) well-established international trading institutions represented by the WTO. This paper focuses on the third factor and argues that the WTO has failed to curb the proliferation of protectionism. Due to insufficient and obscure WTO rules in controlling major protectionist measures such as subsidy, anti-dumping, and health/technical regulations, as well as due to the systemic properties of the WTO dispute settlement system that tend to aggravate trade war rather than facilitate mutual free trade, the WTO has fundamental institutional limitations to control trade protectionism, especially when the political commitment of major powers to liberal economic order has rapidly waned as we have seen right now.
Statistics
-
763 Viewed
-
375 Downloaded
Tools
Issue List
Citation status
* References for papers published after 2023 are currently being built.
[book]
권혁재
/ 2013
/ 新보호주의의 확산과 대응
/ 삼성경제연구소
[journal]
문돈
/ 2005
/
Flexibility Measures in the World Trade System
/ 국가전략
/ 세종연구소
11(2)
: 71~100
[journal]
정하용
/ 2013
/
The 2008 financial crisis and the Decline of Protectionism
/ 평화연구
/ 평화와 민주주의연구소
21(1)
: 47~72
[report]
조인우
/ 2016
/ 글로벌 시리즈(1): 최근 글로벌 보호무역 흐름과 시사점
/ 한국은행
: 1~15
[journal]
Aggarwal, Vinod K.
/ 2014
/ Do WTO rules preclude industrial policy? Evidence from the global economic crisis
/ Business and Politics
16(4)
: 481~509
[journal]
Bown, Chad P
/ 2004
/ On the Economic Success of GATT/WTO Dispute Settlement
/ Review of Economics and Statistics
86
: 811~823
[journal]
Bown, Chad P
/ 2011
/ Taking Stock of Antidumping, Safeguards and Countervailing Duties, 1990-2009
/ The World Economy
34(12)
: 1955~1998
[journal]
Bown, Chad P
/ 2014
/ Temporary Trade Barriers Database: Update through 2013
/ The World Trade
47(1)
: 1~44
[journal]
Bronckers, Marco
/ 2005
/ Financial Compensation in the WTO: Improving the Remedies of WTO Dispute Settlement
/ Journal of International Economic Law
8(1)
: 101~126
[journal]
Davey, William J.
/ 2005
/ The WTO Dispute Settlement System: The First 10Years
/ Journal of International Economic Law
8(1)
: 17~50
[book]
Downs, George W.
/ 1995
/ Optimal Imperfection? Domestic Uncertainty and Institutions in International Relations
/ Princeton University Press
[book]
Eichengreen, Barry
/ 2010
/ Global Imbalances and the Lessons of Bretton Woods
/ The MIT Press
[journal]
Finnemore, Martha
/ 1998
/ International Norm Dynamics and Political Change
/ International Organization
52(4)
: 887~917
[journal]
Gawande, Kishore
/ 2014
/ Global Supply Chains and Trade Policy Responses to the 2008 Crisis
/ World Bank Economic Review
29(1)
: 102~128
[journal]
Goldstein, Judith
/ 2000
/ Legalization, Trade Liberalization, and Domestic Politics: A Cautionary Note
/ International Organization
(Special)
: 603~632
[book]
Guzman, Andrew T.
/ 2008
/ How International Law Works: A Rational Choice Theo
/ Oxford University Press
[book]
Hohmann, Harald
/ 2008
/ Agreeing and Implementing the Doha Round of the WTO
/ Cambridge University Press
[journal]
Hudec, Robert E
/ 1999
/ The New WTO Dispute Settlement Procedure: An Overview of the First Three Years
/ Minnesota Journal of Global Trade
8
: 1~53
[book]
Irwin, Douglas
/ 2011
/ Peddling Protectionism: Smoot-Hawley and the Great Depression
/ Princeton University Press
[journal]
Johnston, Alastair Iain
/ 2001
/ Testing International Institutions as Social Environments
/ International Studies Quarterly
45(4)
: 487~525
[book]
Keesing, Donald B.
/ 1998
/ Improving Trade Policy Reviews in the World Trade Organization
/ Institute for International Economics
[book]
Kent, Jones
/ 2010
/ The Doha Blues
/ Oxford University Press
[journal]
Maggi, Giovanni
/ 1999
/ The Role of Multilateral Institutions in International Trade Cooperation
/ American Economic Review
89
: 190~214
[journal]
Mora, Miquel Montana i
/ 1993
/ GATT with Teeth: Law Wins Over Politics in the Resolution of International Trade Disputes
/ Columbian Journal of Transnational Law
31(1)
: 103~180
[book]
Ratner, Steven R.
/ 2013
/ Interdisciplinary Perspectives on International Law and International Relations
/ Cambridge University Press
: 568~590
[journal]
Reinhardt, Eric
/ 2001
/ Adjudication without Enforcement in GATT Disputes
/ Journal of Conflict Resolution
45(2)
: 174~195
[journal]
Rose, Andrew K.
/ 2004
/ Do We Really Know That the WTO Increases Trade?
/ American Economic Review
94(1)
: 98~114
[journal]
Rose, Andrew K.
/ 2007
/ Do We Really Know That the WTO Increases Trade? Reply
/ American Economic Review
97(5)
: 2019~2025
[journal]
Rosendorff, Peter B.
/ 2001
/ The Optimal Design of International Trade Institutions: Uncertainty and Escape
/ International Organization
55(4)
: 829~857
[journal]
Ruddy, Brendan
/ 2010
/ The critical success of the WTO: Trade policies of the current economic crisis
/ Journal of International Economic Law
3(2)
: 475~495
[journal]
Ruggie, John Gerard
/ 1982
/ International regimes, transactions, and change:embedded liberalism in the postwar economic order
/ International organization
36(2)
: 379~415
[book]
Sampson, Gary P.
/ 2008
/ The WTO and Global Governance
/ United Nations University
[book]
Steger, Debra P.
/ 2010
/ Redesigning the World Trade Organization for the Twenty-first Century
/ Wilfrid Laurier University Press
[journal]
Sykes, Alan O.
/ 2003
/ The Safeguard Mess: a Critique of WTO Jurisprudence
/ World Trade Review
58(1)
: 261~295
[journal]
Tomz, Michael
/ 2007
/ Do We Really Know That the WTO Increases Trade? Comment
/ The American Economic Review
97(5)
: 2005~2018
[journal]
Viju, Crina
/ 2011
/ Protectionism and Global Recession:Has the Link Been Broken?
/ Journal of World Trade
45(3)
: 605~628
[journal]
Wolfe, Robert
/ 2012
/ Protectionism and Multilateral Accountability during the Great Recession: Drawing Inferences from Dogs Not Barking
/ Journal of World Trade
46(4)
: 777~814
[journal]
Young, Michael K
/ 1995
/ Dispute Settlement in the Uruguay Round: Lawyers Triumph Over Diplomats
/ The International Lawyers
29(5)
: 389~409
[other]
Barone, Barbara
/ 2015
/ Protectionism in the G20
/ European Parliament
[report]
Eichengreen, Barry
/ 2009
/ The Slide to protectionism in the great depression: Who succumbed and why?
/ National Bureau of Economic Research
[report]
Evenett, Simon J.
/ 2013
/ What Restraint? Five years of G20 Pledges on Trade: The 14th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2014
/ Beggar-Thy-Poor-Neighbour: Crisis-Era Protectionism and Developing Countries: The 15th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2014
/ The Global Trade Disorder: The 16th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2010
/ ‘Jumbo’ discriminatory Measures and the Trade Coverage of Crisis-Era Protectionism
/ University of Gallen Law and Economics
[report]
Evenett, Simon J.
/ 2015
/ The Tide Turns? Trade, Protectionism, and Slowing Global Growth: The 18th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2016
/ Global Trade Plateaus: The 19th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2016
/ FDI Recovers?: The 20th GTA Report
/ Centre for Economic Policy Research (CEPR)
[report]
Evenett, Simon J.
/ 2010
/ The Resort to Protectionism During the Great Recession: Which Factors Mattered?
/ University of St. Gallen
: 1~29
[report]
Gawande, Kishore
/ 2011
/ Determinants of Trade Policy Responses to the 2008 Financial Crisis
/ The World Bank
[report]
Kee, H. L.
/ 2010
/ Is Protectionism on the Rise? Assessing National Trade Policies during the Crisis of 2008
/ The World Bank
[other]
Kim, Soo Yeon
/ 2012
/ Protectionism during Recessions: Is This Time Different?
/ Newsletters from sections of the APSA
[other]
OECD Trade Policy Studies
/ 2010
/ Trade and Economic Effects of Responses to the Economic Crisis
/ Organization for Economic Cooperation and Development
[report]
Wolfe, Robert
/ 2011
/ Did the protectionist dog bark? Transparency, accountability, and the WTO during the global financial crisis
/ Entwined
[report]
WTO
/ 2011
/ Report on G-20 Trade Measure (Mid-May 2011 to Mid-October 2011)
[report]
WTO
/ 2012
/ Lamy notes “significant decline” in anti-dumping investigations
[report]
WTO
/ 2014
/ Report on G-20 Trade Measures (Mid-May 2014 to Mid-October 2014)
[report]
WTO
/ 2015
/ Report on G-20 Trade Measures (Mid-October 2014 to Mid-May 2015)
[report]
WTO
/ 2016
/ Report on G20 Trade Measures
[report]
WTO
/ 2017
/ Report on G20 Trade Measures
[web]
/ WTO
/ https://www.wto.org/english/tratop_e/dispu_e/dispu_e.htm
This paper was written with support from the National Research Foundation of Korea.