Chapter

Why Countries Trade (and Join the WTO)

Kent Jones

in Who's Afraid of the WTO?

Published in print January 2004 | ISBN: 9780195166163
Published online September 2011 | e-ISBN: 9780199849819 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195166163.003.0003
Why Countries Trade (and Join the WTO)

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Chapter 2 presents the underlying economic principle of the WTO—the gains from trade—and how the WTO agreement translated that principle into an international set of trade policy rules. It also focuses on the basic arguments for “free trade” and what they mean for WTO. The chapter draws conclusions that most countries recognize that trade improves their overall economic welfare, the political forces that favor trade restrictions are strong and difficult for governments to resist, and that a global trading system allows governments to overcome the political opposition to trade liberalization and to garner the gains from trade.

Keywords: economic principle; WTO; free trade; WTO agreement; economic welfare

Chapter.  6494 words.  Illustrated.

Subjects: Economic Systems

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