The Rules-Based Trading System

Cristiane Carneiro and Gary Clyde Hufbauer

in The Oxford Handbook of International Commercial Policy

Published in print May 2012 | ISBN: 9780195378047
Published online September 2012 | | DOI:

Series: Oxford Handbooks

The Rules-Based Trading System

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Since times immemorial, international commerce has been celebrated as a fountain of prosperity. Trade flourished long before trade regulations ever came into being. The subsequent creation of trade regulations did not preclude trade in unregulated goods, services, and property, nor has it eliminated smuggling and contraband. Evidently trade and regulations often exist independent from each other. But over the course of history, trade has become increasingly regulated. This article focuses on the evolution of trade regulations and the development of a rules-based system.

Keywords: international trade; trade regulation; rule-based trading system

Article.  7786 words. 

Subjects: Economics ; International Economics ; Public Economics

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