This paper examines the implications of the General Agreement on Trade in Services (GATS), the World Trade Organization’s agreement governing trade in health-related services, for health policy and healthcare reform in the United States. The paper describes the nature and scope of US obligations under the GATS, the ways in which the trade agreement intersects with domestic health policy, and the institutional factors that mediate trade-offs between health and trade policy. The analysis suggests (...) that the GATS provisions on market access, national treatment and domestic regulation, which are designed to eliminate ‘regulatory barriers’ to global trade in health services, limit the range of options that state and federal regulators and legislative bodies can employ to regulate the health sector and implement healthcare reforms. As such, the paper identifies the broader social and ethical implications of free trade policy. (shrink)

The international organic agricultureand fair trade movements represent importantchallenges to the ecologically and sociallydestructive relations that characterize the globalagro-food system. Both movements critique conventionalagricultural production and consumption patterns andseek to create a more sustainable world agro-foodsystem. The international organic movement focuses onre-embedding crop and livestock production in ``naturalprocesses,'' encouraging trade in agriculturalcommodities produced under certified organicconditions and processed goods derived from thesecommodities. For its part, the fair trade movementfosters the re-embedding of international commodityproduction (...) and distribution in ``equitable socialrelations,'' developing a more stable and advantageoussystem of trade for agricultural and non-agriculturalgoods produced under favorable social andenvironmental conditions. The international market forboth organic and fair trade products has grownimpressively in recent years. Yet the success of thesemovements is perhaps better judged by their ability tochallenge the abstract capitalist relations that fuelexploitation in the global agro-food system. While theorganic movement currently goes further in revealingthe ecological conditions of production and the fairtrade movement goes further in revealing the socialconditions of production, there are signs that the twomovements are forging a common ground in definingminimum social and environmental requirements. I arguefrom a theoretical and empirical basis that what makesfair trade a more effective oppositional movement isits focus on the relations of agro-food trade anddistribution. By demystifying global relations ofexchange and challenging market competitiveness basedsolely on price, the fair trade movement creates aprogressive opening for bridging the wideningNorth/South divide and for wresting control of theagro-food system away from oligopolistic transnationalcorporations infamous for their socially andenvironmentally destructive business practices. (shrink)

The measure proposed here, the ratio of the price reported in a given trade to the average world price for that commodity, is based on the average world price for a given commodity reported for all trades between the U.S. and all other countries for a given period. This new measure can be used to enable government agencies to identify trades between U.S. firms or individuals and their counterparts in other countries which are designed to further prohibited (...) activities such as money laundering or tax avoidance. This measure would also enable the U.S. government to monitor trade flows more accurately, facilitating more analysis of trade imbalances between countries and tracking trade in strategie materials, for example, weapons. Use of this new measure could enable naive buyers and seIlers of goods, for example, those situated in remote or underdeveloped markets, to know what their counterparts in more central and informed countries are paying or being paid for comparable goods, and hence to become more informed as trading partners. (shrink)

The measure proposed here, the ratio of the price reported in a given trade to the average world price for that commodity, is based on the average world price for a given commodity reported for all trades between the U.S. and all other countries for a given period. This new measure can be used to enable government agencies to identify trades between U.S. firms or individuals and their counterparts in other countries which are designed to further prohibited (...) activities such as money laundering or tax avoidance. This measure would also enable the U.S. government to monitor trade flows more accurately, facilitating more analysis of trade imbalances between countries and tracking trade in strategie materials, for example, weapons. Use of this new measure could enable naive buyers and seIlers of goods, for example, those situated in remote or underdeveloped markets, to know what their counterparts in more central and informed countries are paying or being paid for comparable goods, and hence to become more informed as trading partners. (shrink)

Standard economic theory teaches that trade benefits all countries involved, at least in the long run. While there are other reasons for trade liberalization, this insight, going back to Ricardo's 1817 Principles of Political Economy , continues to underlie international economics. Trade also raises fairness questions. First, suppose A trades with B while parts of A's population are oppressed. Do the oppressed in A have a complaint in fairness against B? Should B cease to trade? (...) Second, suppose because of oppression or lower social standards, A's products are cheaper than B's. Can industries in B legitimately insist that their government take measures to help them compete? The Pauper-Labor Argument makes that case, and many economists enjoy dismissing it in undergraduate classes. Third, suppose A subsidizes its industries. If this lowers world market prices, does B have a fairness complaint against A? Ought countries to consider how trade policies affect others? This article is the first of two, which together develop a view that is meant to serve as a reference point for moral assessments of international trade policies. I develop this view by way of offering affirmative answers to these three questions. Since this discussion is organized around these three questions, the two studies can be read independently of each other. Key Words: the state • World Trade Organization • development • oppression • exploitation. (shrink)

Free Trade Reimagined begins with a sustained criticism of the heart of the emerging world economy, the theory and practice of free trade. Roberto Mangabeira Unger does not, however, defend protectionism against free trade. Instead, he attacks and revises the terms on which the traditional debate between free traders and protectionists has been joined. Unger's intervention in this major contemporary debate serves as a point of departure for a proposal to rethink the basic ideas with which (...) we explain economic activity. He suggests, by example as well as by theory, a way of understanding contemporary economies that is both more realistic and more revealing of hidden possibilities for transformation than are the established forms of economics. One message of the book is that we need not choose between accepting and rejecting globalization; we can have a different globalization. Traditional free trade doctrine rests on shaky empirical and theoretical ground. Unger takes a new approach to show when international trade is likely to be useful or harmful to the socially inclusive economic growth that every nation wants. Another message is that the movement of people and ideas is more important than the movement of things and money, and that freedom to change the institutions defining a market economy is just as important as freedom to exchange goods on the basis of those institutions. Free Trade Reimagined ranges broadly within and outside economics. Presenting technical issues in plain language, it appeals to the general reader. It puts a disciplined imagination in the service of rebellion against the dictatorship of no alternatives that characterizes life and thought today. (shrink)

As multinational firms explore new and promising national markets two of the most crucial elements in the strategic decision regarding market-entry are the level of corruption and existing trade barriers. One form of corruption that is crucially important to firms is the theft of intellectual property. In particular, software piracy has become a hotly debated topic due to the deep costs and vast levels of piracy around the world. The purpose of this paper is to assess how (...) laissez-faire trade policies and corruption affect national software piracy rates. Using invisible hand theory, as well as literature from the fields of international strategy and ethics, formal research hypotheses are posited and tested. Results suggest that corruption mediates the relationship between economic freedom and software piracy. Implications for multinational managers and researchers are also addressed. (shrink)

This paper addresses the issue of food security in developing countries and how agriculture plays an important role in achieving not only food security, but also in reducing poverty and promoting sustainable development. The promotion of trade liberalization by the World Trade Organization (WTO) through the Agreement on Agriculture (AoA) has undermined the productive capacity of developing countries and their comparative advantage in the agricultural sector, marginalizing small-scale farmers and benefitting the big corporations. The paper looks at (...) the issue of intellectual property rights that big corporations have for seeds and their effects on small-scale farmers, and how corporate social responsibility (CSR) is insufficient to regulate the dominance of big corporations in the food and agricultural market. The paper is divided into seven sections: trade liberalization and food security, the WTO and the AoA, the effects of the AoA on developing countries, the role of transnational corporations (TNCs) on food security, CSR and TNCs, policy recommendations, and conclusions. (shrink)

With the rise of globalization, the debate around free trade versus fair trade and liberalism versus protectionism has become increasingly complicated. At times, the regulations of the World Trade Organization seem to pit developed markets against emerging markets as governments attempt to expand international trade while at the same time protecting local industry. To this end, antidumping measures have been extensively developed as a way to block foreign low-cost goods from entering domestic markets. In (...) response, some exporters have begun to circumvent these antidumping measures using strategies such as transhipment, assembly operations, and slightly modified products. While previous studies have addressed the ethical aspects of antidumping measures, this study will focus on the ethics of circumvention strategies with a special focus on the theories on legal compliance and, specifically, civil disobedience and conscientious evasion. (shrink)

It is unclear what proper remuneration for surrogacy is, since countries disagree and both commercial and altruistic surrogacy have ethical drawbacks. In the presence of cross-border surrogacy, these ethical drawbacks are exacerbated. In this article, we explore what would be ethical remuneration for surrogacy, and suggest regulations for how to ensure this in the international context. A normative ethical analysis of commercial surrogacy is conducted. Various arguments against commercial surrogacy are explored, such as exploitation and commodification of surrogates, reproductive (...) capacities, and the child. We argue that, although commodification and exploitation can occur, these problems are not specific to surrogacy but should be understood in the broader context of an unequal world. Moreover, at least some of these arguments are based on symbolic rhetoric or they lack knowledge of real-world experiences. In line with this critique we argue that commercial surrogacy can be justified, but how and under what circumstances depends on the context. Surrogates should be paid a sufficient amount and regulations should be in order. In this article, the Netherlands and India are case examples of contexts that differ in many respects. In both contexts, surrogacy can be seen as a legitimate form of work, which requires the same wage and safety standards as other forms of labor. Payments for surrogacy need to be high enough to avoid exploitation by underpayment, which can be established by the mechanisms of either minimum wage, or Fair-Trade guidelines. An international treaty governing commercial surrogacy should be in place, and local professional bodies to protect the interests of surrogates should be required. Commercial surrogacy should be permitted across the globe, which would also reduce the need for intended parents to seek surrogacy services abroad. (shrink)

The nature and relationships between Law and State -- Law making, its sources and the role of State -- Law, legal systems, and legal families : synchronizing in the Globalized World -- Fundamental legal concepts : the distinctive features of law -- Constitutional law : the Supreme Law of the land -- Criminal law : State's authority in defining and penalizing crimes -- Torts : making people responsible & civilized -- Civil law and proceedings : public and private law (...) -- Law for doing business : the role of state and market -- Justice : the goal of political society -- The Rule of Law : foundation of modern political society -- Human rights and the state : grounds for personal and institutional relationships -- International trade : the centerpiece of growth and international relations -- Law, Globalization and international relations. (shrink)

This paper discusses the economic, legal, moral, and political difficulties in developing drugs for the developing world. It argues that large, global pharmaceutical companies have social responsibilities to the developing world, and that they may exercise these responsibilities by investing in research and development related to diseases that affect developing nations, offering discounts on drug prices, and initiating drug giveaways. However, these social responsibilities are not absolute requirements and may be balanced against other obligations and commitments in light (...) of economic, social, legal, political, and other conditions. How a company decides to exercise its social responsibilities to the developing world depends on the prospects for a reasonable profit and the prospects for a productive business environment. Developing nations can either help or hinder the pharmaceutical industry’s efforts to exercise social responsibility through various policies and practices. To insure that companies can make a reasonable profit, developing nations should honor pharmaceutical product patents and adhere to international intellectual property treaties, such as the Trade‐Related Aspects of Intellectual Property Rights agreement. To insure the companies have a good business environment, developing nations should try to promote the rule of law, ethical business practices, stable currencies, reliable banking systems, free and open markets, democracy, and other conditions conducive to business. Overall, this paper advocates for reciprocity and cooperation between pharmaceutical companies and developing nations to address the problem of developing drugs for the developing world. In pursuing this cooperative approach, developing nations may use a variety of other techniques to encourage pharmaceutical companies to act responsibly, such as subsidizing pharmaceutical research, helping to design and implement research protocols, providing a guaranteed market, and bulk buying. (shrink)

The book focuses on two pillars of China's economic success: industrial enterprises and the national system of innovation. The first part investigates the nature and evolution of productive enterprises, concentrating on the rounds of transformation of their ownership structure. The second part analyses the structure of China's national innovation systems. The analysis is based on a thorough study of statistical data provided by the China Statistical Yearbook, the World Bank and other sources. Alberto Gabriele emphasizes two key points, which (...) constitute a partly novel interpretation of two aspects of China's unique development. The first point is the crucial role of public ownership of the country's core means of production, in the framework of a harmonious market where different types of property coexist. China, the author argues, gradually abandoned old-fashioned administrative command tools and is relying more and more on indirect and value-based forms of strategic control of productive assets. The second point is China's strategic emphasis on technological progress and innovation, accompanied by an effort to develop national capacity and reduce its dependence on other countries. China's drive to become a first-class technological power revolves around the enhancement of its national innovation system, the author says. Big private high-tech companies play a crucial role; however, the main engines of progress are state-controlled enterprises, universities and research centres. (shrink)

The concept of 'sustainable development' as used by the Brundtland Commission was meant to separate environmental policy from distributional conflicts. Increases in income sometimes are beneficial for the environment, but higher incomes have meant higher emissions of greenhouse gases, and higher rates of genetic erosion. In the aftermath of the Rio conference of June 1992, this article analyses some unavoidable links between distributional conflicts and environmental policy. Often, environmental movements have tried to keep environmental resources and services outside the (...) class='Hi'>market, but there are now attempts to establish property rights on, and to give money values to environmental resources and services, such as agricultural genetic resources and the CO2 absorption facility provided by the oceans and new vegetation. European 'green' proposals to impose an 'eco-tax', and proposals from India to create a world market for CO2 emission permits are considered. The issue raised by the growing Third World agroecology movement, of payment of 'farmers' rights' for in situ agricultural biodiversity is discussed. The article includes a short discussion of the North American free trade agreement between Mexico and the USA, in so far as it involves so-called 'ecological dumping', i.e. trading at values which do not include environmental costs. In the last sections, the article asks how prices in ecologically-extended markets would be formed, how much such prices will depend on distribution, and how much such payments would change distribution of income. Environmental movements of the Poor are faced with the dilemma of keeping environmental resources and services out of the market, or else asking for property rights to be placed on them. (shrink)

This article is divided into two parts: in the first we explore the academic debate conducted at an international level about insider trading (IT). In particular, we exame IT on three grounds: economic, ethical and legal. In each section we present the arguments in favour of and against IT and then we give our personal opinion. In the second part we present the situation in the Athens Stock Exchange. We examine its past record on the issue of IT and (...) recent developments, and comment on the implications for the future. (shrink)

Originating in a 1983 Mexican Government Program, the term ‘food sovereignty’ was coined in 1996 by La Via Campesina—a global peasant network—to address concerns within the civil society for food security. Rather than to accept the neoliberal framework of mainstream food security definition and governance, the food sovereignty movement seeks to view food security as the right of peoples to define their own food and agriculture systems with limited corporation intervention. As a result, food production should be geared toward the (...) domestic and local markets and not toward international trade that only benefits corporations. This food sovereignty movement was inducted into China in 2013 just as China’s agricultural systems were shifting toward a more corporate-centric structure that increasingly exploits the small-scale farmers. A question was hence raised: How have the global civil society networks influenced the Chinese civil society and promoted China’s local food sovereignty movement? Through the world society theory, the author has identified social forums, such as international conferences and social media channels, as an expedient means for interactions. However, as the Chinese government continues to develop a corporate-centric food security governance system and tighten its civil society space, the impacts of China’s food sovereignty movement remain unclear. (shrink)

Originating in a 1983 Mexican Government Program, the term ‘food sovereignty’ was coined in 1996 by La Via Campesina—a global peasant network—to address concerns within the civil society for food security. Rather than to accept the neoliberal framework of mainstream food security definition and governance, the food sovereignty movement seeks to view food security as the right of peoples to define their own food and agriculture systems with limited corporation intervention. As a result, food production should be geared toward the (...) domestic and local markets and not toward international trade that only benefits corporations. This food sovereignty movement was inducted into China in 2013 just as China’s agricultural systems were shifting toward a more corporate-centric structure that increasingly exploits the small-scale farmers. A question was hence raised: How have the global civil society networks influenced the Chinese civil society and promoted China’s local food sovereignty movement? Through the world society theory, the author has identified social forums, such as international conferences and social media channels, as an expedient means for interactions. However, as the Chinese government continues to develop a corporate-centric food security governance system and tighten its civil society space, the impacts of China’s food sovereignty movement remain unclear. (shrink)

This article focuses on the question of John Kinsella’s invisibility in World Literature from the perspective of his International Regionalism. First, it compares the similarity and difference between Kinsella and Joseph S. Nye’s international regionalism, and pinpoints the development of Kinsella’s IR from Disclosed Poetics, Activist Poetics, Spatial Relations to Polysituatedness. Second, it concentrates on analyzing the background of Kinsella’s IR through three kinds of ideologies: veganism, anarchism, and pacifism, in order to mark the unique identity problem (...) of Kinsella – identity dilemma in-between pre- and post-nation as Australia. Third, it clarifies the reason why Kinsella is invisible in the World Literature canon as Emily Apter mentions in “On Translation in a Global Market,” in line with the question why Kinsella was mainly in the footnotes of Robert Dixon and Brigid Rooney’s Scenes of Reading: Is Australian Literature a World Literature. In conclusion, on the one hand, Kinsella’s IR about the World and Literature does not fit in the Center, or the Periphery, nor the Semi-Center & Periphery; on the other hand, Kinsella’s IR might more aptly be termed International Community-ism, because Kinsella’s World is built up by very small communities. (shrink)

In this paper, I will argue that Rawls’s duty of assistance offers an incomplete picture of our international social and economic responsibilities. I will start by presenting the two main interpretations of the ‘Rawlsian circumstances of egalitarian distributive justice’ – the first requiring the existence of a ‘certain kind’ of cooperation, the second the existence of a ‘certain kind’ of interaction with the will – and then show that none of them rules out the applicability of international principles (...) of egalitarian distributive justice. My argument will draw on societies’ participation in the World Trade Organisation (WTO). So, in the second section I will show that even though this organization is not endowed with a centralized coercive authority, its participants are asked to accept significant constraints on their behaviour and are therefore owed a special justification for these constraints. I will also suggest that the alleged voluntariness of this organization may not only be contested (especially when developing societies are involved), but may also not be sufficient to rule out requirements of distributive equality. In the third section, I will show that, as any system of cooperation, the WTO gives rise to requirements of fairness and that, given the purpose it claims to serve, not all inequalities that can be traced back to so-called ‘domestic’ factors can be considered justified. More specifically, I will argue that the fairness of the WTO requires that all its participants be given a fair chance of benefiting from global market competitions, and that this is likely to entail significant egalitarian distributive duties among societies. (shrink)

The author overviewed the substantive content of the category of "globalization". The influence of globalization processes on the development of agribusiness of Ukraine is considered. The likely benefits and risks of growth of the country's participation in the global economic processes are determined. The level of preparedness of the state under globalization is studied. Global trends of the development of agriculture and providing people with food are overviewed. The current state of the development of agribusiness is analyzed, the problems are (...) found and their solutions are proposed. The necessity of the state support for the studied sector of economics is proved. The future of Ukrainian agriculture in the context of globalization depends on its adaptive capacity. In our opinion, three groups of conditions affect the competitiveness of domestic agriculture in the world. They are: macroeconomic conditions that are determined by rationality and dynamism of the domestic economy; prerequisites for investment, especially in the development of an appropriate climate in the country and at the level of each entity; agricultural development in accordance with accepted social standards. Achieving the competitive level in the global food market requires considerable and sustained financial investment in almost all sectors, especially in scientific research and agricultural education. The increasing level of globalization in the international trade, including food, significantly affects the nature of the problem of food self-sufficiency. (shrink)

This paper aims to show that fairness in trade calls for relaxing existing WTO rules to include a greater liberalisation of labour migration. After having addressed several objections to global egalitarianism, it will argue, first, that the world’s rich and the world’s poor participate in a same multilateral trading system whose point is primarily to reduce trade barriers, and hence to establish global economic competitions, in order to raise their standards of living; second, that these competitions (...) are subject to requirements of formal and substantive fairness; and, third, that the substantive fairness of the competitions that are taking place in the field of trade in goods is likely to require a greater liberalisation of labour migration, especially low-skilled labour from developing countries. (shrink)

Abstract:This essay aims to bring two important lines of inquiry and criticism together. It first lays out an institutionally enriched account of what a just world economic order will look like. That account prescribes, via the requisites to that mechanism which most directly instantiates the account, “three realms of equal treatment and market completion”—the global products, services, and labor markets; the global investment/financial markets; and the global preparticipation opportunity allocation. The essay then suggests how, with minimal if any (...) departure from familiar canons of traditional international legal mandate interpretation, each of the Bretton Woods institutions—particularly the GATT/WTO and the IMF—can be viewed at least in part as charged with the task of fostering equal treatment and ultimate market completion within one of those three realms. The piece then argues that one of the institutions in particular—the World Bank—has, for reasons of at best negligent and at worst willful injustice on the part of influential state actors in the world community, fallen farthest short in pursuit of what should be viewed as its proper mandate. The article accordingly concludes that a fuller empowerment of the Bank to effect its ideal mission will press the Bretton Woods system more nearly into ethical balance, and with it the world into justice; and that full empowerment of the GATT/WTO and IMF should be partly conditioned upon the fuller empowerment of the Bank. (shrink)

This book examines the labour standards provisions in a number of Regional and Bilateral Trade Agreements, and assesses the potential of using the relevant clauses in these trade agreements as a benchmark for a multilateral approach. Based on the lessons learned from the Regional model, the book proposes a Global Labour and Trade Framework Agreement (GLTFA) combined with a joint ILO/WTO enforcement mechanism to resolve the contentious issue of the link between the CLS and international (...) class='Hi'>trade. The history of the linkage between the Core Labour Standards (CLS) and international trade dates back roughly 150 years, and has recently become one of the most vexing issues facing policy-makers. At the heart of the debate is the question whether or not trade sanctions should be imposed on countries that do not respect the CLS as embodied in multilateral conventions administered by the International Labour Organization (ILO). Concretely, this would entail inserting a social clause in the World Trade Organization (WTO) rules, and would trigger the imposition of sanctions on those countries that do not adhere to the CLS. Kofi Addo is a policy advisor to the Board of Governors of the International Baccalaureate Organisation. He holds a PhD in law from the University of Bern, Switzerland.. (shrink)

Most new drugs are protected by pharmaceutical patents, which give the patent holder exclusive control over that drug’s supply for 20 years. When the patent term expires, the drug becomes available for generic production by any company. The resulting competition typically leads to dramatic reductions in price. In Brazil, generic drugs are on average 40% cheaper than reference or brand-name drugs. In the United States, the Federal Drug Administration reports up to 85% price differences. Consumers in India have witnessed more (...) than 100-fold price reduction for antiretroviral drugs due to generic production. Generics thus play a key role in broadening access to health care, mostly by driving costs down, both in the developing and developed world. (shrink)

In organ transplantation, the demand for human organs has grown far faster than the supply of organs. This has opened the door for illegal organ trade and trafficking including from children. Organized crime groups and individual organ brokers exploit the situation and, as a result, black markets are becoming more numerous and organized organ trafficking is expanding worldwide. While underprivileged and vulnerable men and women in developing countries are a major source of trafficked organs, and may themselves be trafficked (...) for the purpose of illegal organ removal and trade, children are at especial risk of exploitation. With the confirmed cases of children being trafficked for their organs, child organ trafficking, which once called a “modern urban legend”, is a sad reality in today’s world. By presenting a global picture of child organ trafficking, this paper emphasizes that child organ trafficking is no longer a myth but a reality which has to be addressed. It argues that the international efforts against organ trafficking and trafficking in human beings for organ removal have failed to address child organ trafficking adequately. This chapter suggests that more orchestrated international collaboration as well as development of preventive measure and legally binding documents are needed to fight child organ trafficking and to support its victims. (shrink)

Ethics in the world of business -- Welfare, rights, and justice -- Equality, liberty, and virtue -- Whistle-blowing -- Trade secrets and conflict of interest -- Privacy -- Discrimination and affirmative action -- Employment rights -- Occupational health and safety -- Marketing, advertising, and product safety -- Ethics in finance -- Corporate social responsibility -- Corporate governance and accountability -- International business ethics.

ABSTRACT Since World War II, American presidents have consistently advanced a world free‐trade agenda, despite the fierce opposition of domestic interests threatened by free trade, and despite these interests’ ability to mobilize local pressure and nationalist sentiment against free trade in Congress. A theoretical resolution of these paradoxes would consider both the countervailing pressure of domestic interests that benefit from free trade and an international factor: namely, America’s dominance of world trade. (...) This global dominance gives the United States “superpower” status not only economically, but politically, enabling American presidents to get most of what they want in international trade negotiations. Consequently, they can afford to make tactical concessions to American mercantilist interests—defanging congressional opposition to free trade—because in international negotiations, these concessions can be turned into powerful levers against the barriers to free trade that are erected by countries desiring access to the immense American market. (shrink)

Nearly forty percent of the world’s financial assets are located in loosely defined British Empire city-state jurisdictions. This article seeks to provide an explanation for this odd development. My explanation of the rise of such a British Empire-centered economy links the development of the Euromarket, or the offshore financial market, to three sets of theories. The first is the hinterland theory that explains why small city-state types of jurisdictions are in an advantageous position when it comes to trading (...) in Euromarket financial assets in comparison to other states. Second is the dependent jurisdictions theory, which suggests that dependent jurisdictions are perceived as safer locations for investment than independent islands, in addition to which they are able to offer better treatment of nonresident capital because they are subsidized by the motherland. As the British Empire was the largest Empire the world has ever seen, it is perhaps not surprising that the British state has inherited the greatest number of such dependent jurisdictions, and that they, in turn, have taken advantage of their "Britishness" to develop their financial centers. Third, I advance a related argument that suggests that the hegemonic position of the British Empire in the world economy prior to the rise of the United States was an important factor as well. Here, I draw on the idea that city-states and, more generally, trading centers tend to be dominated by commercially outward-oriented elites. (shrink)

Reviving the Invisible Hand is an uncompromising call for a global return to a classical liberal economic order, free of interference from governments and international organizations. Arguing for a revival of the invisible hand of free international trade and global capital, eminent economist Deepak Lal vigorously defends the view that statist attempts to ameliorate the impact of markets threaten global economic progress and stability. And in an unusual move, he not only defends globalization economically, but also answers (...) the cultural and moral objections of antiglobalizers. Taking a broad cross-cultural and interdisciplinary approach, Lal argues that there are two groups opposed to globalization: cultural nationalists who oppose not capitalism but Westernization, and "new dirigistes" who oppose not Westernization but capitalism. In response, Lal contends that capitalism doesn't have to lead to Westernization, as the examples of Japan, China, and India show, and that "new dirigiste" complaints have more to do with the demoralization of their societies than with the capitalist instruments of prosperity. Lal bases his case on a historical account of the rise of capitalism and globalization in the first two liberal international economic orders: the nineteenth-century British, and the post-World War II American. Arguing that the "new dirigisme" is the thin edge of a wedge that could return the world to excessive economic intervention by states and international organizations, Lal does not shrink from controversial stands such as advocating the abolishment of these organizations and defending the existence of child labor in the Third World. (shrink)

"East India Sugar Not Made By Slaves"-with these words on a sugar bowl, consumers of the early nineteenth century declared their power to change the global economy. Bronwen Everill examines how abolitionists in the Atlantic world shaped emerging ideas of ethical commerce to fight the system of plantation slavery that had become an engine of modern capitalism. How did consumers define ethical commerce? How did producers create markets for their products? Everill focuses on the everyday economy of the Atlantic (...) world rather than on the more familiar boycott movements against slave-produced goods. Different approaches to making money in ethical commerce-through commercial agriculture, government contracts, international trade, and money management-shaped the relationship between production, consumption, and morality in ways that determined how slavery and freedom came to be defined in the market economy. Companies such as Macaulay & Babington in Sierra Leone, Roberts & Colson in Liberia, and Forster & Smith in the Gambia used commercial networks and government subsidies to make "legitimate" commerce pay. Ethical commerce was also promoted by former slaves in such organizations as the Colored Free Produce Society, which promoted the idea that consumers bore responsibility for the plight of the slave and could change their buying behavior. This book illuminates global consumer society and industrial capitalism at the turn of the nineteenth century, as well as underscores the roles of slavery and antislavery movements in the development of international capitalism. It also reminds us that concerns over fair trade and labor conditions remain relevant today. (shrink)

The COVID-19 outbreak has disturbed the victims' economic conditions and posed a significant threat to economies worldwide and their respective financial markets. The majority of the world stock markets have suffered losses in the trillions of dollars, and international financial institutions were forced to reduce their forecasted growth for 2020 and the years to come. The current research deals with the impact of the COVID-19 pandemic on the global stock markets. It has focused on the contingent effects of (...) previous and current pandemics on the financial markets. It has also elaborated on the pandemic impact on diverse pillars of the economy. Irrespective of all these destructive effects of the pandemic, still hopes are there for a sharp rise and speedy improvement in global stock markets' performance. (shrink)

PurposeThe purpose of this paper is to argue that in spite of the widely optimistic held view on the effect of information and communication technologies (ICTs) in promoting the “knowledge society” in Europe and economic development elsewhere, evidence suggests that ICT's could be strengthening labour duality world wide.Design/methodology/approachThe paper addresses these issues by presenting a brief assessment of the “Washington Consensus” and the emergence of ICTs in terms of trade, growth and inequality in different regions of our planet. (...) The paper also describes the effects of globalisation and ICTs on European economies. Finally, the paper presents the key finding and raises some policy implications to exploit ICT potentialities to ensure welfare systems in advanced economies and development in emerging countries.FindingsThe lack of sufficient institutional mechanism of distribution in developing economies is not only making it more difficult for economic growth to translate into development but it is also favouring relocations of production, pressures to deregulate employment, control salaries and social expenditure in Europe. This feeds complex processes of social segmentation world wide. To meet this challenge Europe has no choice but to opt for the development of avant‐garde sectors. However, measures linked to the development of the knowledge society may not be sufficient to maintain our welfare states in the current context of globalisation. Europe must play a more internationally active role in the design of another model of globalisation that would encompass social policies at a global scale as one of its pillars.Originality/valueThere are very few studies of ICTs' role in the relationship between openness‐growth‐development‐inequality. What are ICTs responsible for? What are ICTs' effects on development and welfare state sustainability? (shrink)

The European Union (EU) is known as the strongest advocate of the liberal global order. It is invested in the idea of rule-based international order, which forms part of its core identity. This adherence to the principles of the liberal global order is visible in its support for multilateral institutions and norms; open market and liberal trade regimes; approaches to security; emphasis on human rights; and democratic norms and values. With the growing uncertainty in the global order, (...) the EU's commitment to the above stated norms has become much more crucial than before. The objective of the study is to understand the shifting dynamics of the liberal world order as it was established at the end of the Second World War and how the EU is responding to these changes. (shrink)

One Road One Belt has made a drastic change not only to the lives of people but also to their minds and future prospective. This initiative has connected not only countries but has consolidated trading patterns. It has not only impacted physical trade but has also boosted the e-commerce of China. Therefore, this study has tried to find the major patterns of trading across the globe and digital commerce considering the factors of production. China, being the cheapest country for (...) manufacturing, has excelled in the e-commerce as well. The targeted population for this study was contractors, marketers, logistic service providers, and engineers. The sample size in this study was 329. Data collection was done through a survey developed on the Likert scale. The software used for the data analysis was Smart-PLS for structural equation modeling. Findings of the study show that factors of production and international trade have an impact on e-commerce. Moreover, the foreign policy and international relations have also been found to have a significant role in e-commerce. (shrink)

Consumer concerns pop up. They are relatedto the safety of agrifood products for people, foranimals, and for the environment as well as the socialand ethical implications of certain agrifoodproduction methods. At first sight, the WTO agreementand the SPS and TBT agreements appear to offersufficient legal scope to deal with these concerns andresolve trade conflicts. The events of recent years,however, have shown the limitations of theseagreements in dealing with cultural differencesbetween nations and in dealing with the social andpolitical pressure on (...) national governments to lay downrestrictive, trade distorting measures. It is vitalthat we consider the dynamic relationship betweennational governments, civil society, and the market.In the United States, Canada, and Europe, thisrealization is growing. We propose that these issuesshould be studied by experts in several disciplines:technical experts, hygiene experts and veterinarians,public administration experts, lawyers, philosophers,ethicists, sociologists, and, of course, economists.To unite these disciplines and provide a platform fordiscussion in the light of international tradeliberalisation, the cultural identity of distinctcommunities, and the functioning of the democraticnation state an international network is needed. Wetherefore propose establishing a network to explorethe issues and dynamics described above. The networkshould be international and interdisciplinary withparticipants, initially, from science and government.The purpose of the network would be to present newperspectives to the negotiating parties in the nextWTO round. The first steps to development of thisnetwork have since been taken and an initial group hasbeen established. (shrink)

In recent decades there has been growing concern about the combined undesired consequences of rapid economic growth, based on the free market movement, and developments in science and technology. This concern has placed the sustainable development concept on the world's agenda. The notion of sustainability, which originally referred mostly to the environmental consequences of human activities, along with their economic and social aspects, has been discussed not only at the national and the global levels but also in relation (...) to particular sectors of the economy. One such sector is agriculture, which to be sustainable must be ecologically sound, economically viable, and socially responsible. Unless current trade and agricultural policies are geared to creating such a structure, sustainability will be no more than a myth in the industrialized and globalized world, while considerable numbers of people will be left struggling with hunger and poverty. Ethical, fair trade and ecologic agricultural practices, such as organic farming, have been suggested as alternatives to existing practices. However, with their current and potential size, these alternatives cannot compete with existing production and trade systems. But these alternatives nevertheless highlight the main problems of current day free trade and industrialized agriculture structures and their related solutions.This paper reviews the concepts of sustainable development and sustainable agriculture: it raises the question whether the world-wide free market economy is really free, and it considers the undesired consequences of this economy by focusing on the relationship between sustainable agriculture and agriculture-related trade policies. (shrink)

After briefly surveying the mission and principles of the World Trade Organization (WTO), I argue that international trade may be assessed from the perspective of justice, and that the correct account of justice for these purposes is egalitarian in fundamental principle. I then consider the merits of the WTO's basic commitment to liberalized trade in the light of egalitarian considerations. Finally, I discuss the justice of several WTO policies. While noting the complexity of the empirical (...) issues relating to the effects of trade institutions and policies, I conclude that egalitarians have reasons to object to certain of the principles and policies of the WTO. (shrink)

Mexico faces a crisis of national sovereignty and independence as it struggles to establish a democracy amidst integration into the world market system and internal demands for social justice. U.S. involvement in Mexican affairs, providing military training and equipment for government troops, contributes to a state-sponsored war against civilians, namely indigenous groups and the middle and lower classes devastated by NAFTA. While resistance movements in Chiapas respond to capitalist practices and repression, Valdez argues the Mexican government minimizes them (...) to displace its indigenousgroups and facilitate their silent annihilation. U.S. policy, the Mexican state, indigenous issues, and free trade are interconnected with Mexico’s larger society. (shrink)

This article critically evaluates current developments in marketing fair trade labelled products and "no sweat" manufactured goods, and argues that both the fair trade and ethical trade movements increasingly rely on strategies for bottom-up change, converting consumers "one cup at a time". This individualistic approach, which we call "shopping for a better world", must, we argue, be augmented by more collectivist approaches to affect transformative change. Specifically, we look at the concept of mission-driven organizations pursuing leadership (...) roles in developing affinity relationships to promote fair and ethical trade and developing ethical spaces. Increasingly, a range of organizations are restructuring their operations, so that their mission is reflected in ethical practices throughout their operations, including product sourcing and product sales. First, ethical purchasing policies operated by non-profits and public agencies represent markets through which fair/ethical products reach end consumers. The efforts discussed to create ethical spaces through direct democracy and electoral mandate build on a broad-based affinity with the principles of fair and ethical trade. Second, we explore the potential for "mission-driven" non-profit organiza- tions, such as zoos and aquaria for merging their mission of conservation education with their marketing activities through the operation of their shops and cafes. Interesting initiatives to link the conservation message to food choices is being undertaken by a number of zoos and aquaria, while there is scope for increased linkages in the giftware sold in their shops. (shrink)

n spite of their divergences, global justice thinkers tend to agree that fairness in international trade requires the removal of trade barriers and hence of protectionist measures, especially on the part of rich countries. Behind this agreement, we find different kinds of considerations, some of which related to the idea that trade liberalisation is not genuinely, or at least not wrongfully, harming members of rich countries. My main purpose in this paper is to examine this idea (...) in more detail and to show that it faces several difficulties which invite us to reconsider the moral acceptability of at least some protectionist policies. (shrink)

A twofold threat hangs over freedom of communication. In rich countries globalization is leading to standardization of thought via national and international bodies. In the cultural as well as the scientific field, especially the human sciences, diversity is needed for reasons of both survival and democracy. Efficiency and productivity imperatives are sacrificing human diversity for economically cost-effective goals. For instance, in the communication field the merging of publishing functions in all media is an obstacle to the free circulation of (...) ideas because it is channelled into the marketing and sales area. In the countries of the southern hemisphere the absence of media makes communication inaccessible for the majority of citizens. So the lack of ideas comes on top of other shortages of basic needs, health care, food, housing … The globalization of trade increases the illusion of a communication which is now accessible to all. But exclusion is increasing because people cannot access knowledge and culture. In fact, in the North as well as the South, the opportunity for everyone to communicate their thinking - their research, their cultural or artistic creations, to communicate a personal experience - is dwindling at the same time as technical progress appears in fact to offer us all the means to express ourselves and have a chance of being heard. The corollary of the creeping globalization of exchanges is that a growing proportion of our contemporaries are put in the position of silent receivers. Indeed the more powerful the media employed, the more those they address become voiceless and passive. Paradoxically, the explosion in communication technology is creating a greater gulf between the well-off and the underprivileged, confining the first in ‘single line of thought’ and excluding the second from any participation in the dialogue. There is no freedom of thought in a world where only one channel exists, even though it communicates that thought in infinitely varied ways. The consumerist consensus never expresses democratic aspirations, but the self-satisfied stupidity of their apathy. (shrink)

Hegel’s defense of the welfare state retains appeal when grounded in dialogical human rights ethics defended as true normative ethical theory. His dialectic of trade passes through budding consumer desires in the once sovereign family and trade between households risking market-induced poverty, ending in market regulation by an external welfare state. The dialectic recurs on a higher level as we in domestic civil society turn to foreign products. Market-induced poverty generates an external global welfare state (...) gradually visible in today’s international financial institutions Hegel did not see. The US has fallen subject to the dialectic of trade, with relative economic decline and a more dialogical relation with the outside world. Yet a welfare state does not replace the market, but protects it against from itself. Entrepreneurship remains key to fighting world poverty. Beside mini-loans, “mini competitive economic colonialism”—neither classical political colonialism nor monopolistic economic neocolonialism—creates new consumer markets in the poorest nations for the products of developed nations, and vice versa: developing nations are not made dependent on a single foreign power or international financial organization, nor forced to generate investment capital domestically by an authoritarian suppression of consumption and democracy, nor forced to sacrifice economic development. (shrink)

Storage and Commodity Markets is primarily a work of economic theory, concerned with how the capability to store a surplus affects the prices and production of commodities. Its focus on the behaviour, over time, of aggregate stockpiles provides insights into such questions as how much a country should store out of its current supply of food considering the uncertainty in future harvests. Related topics covered include whether storage or international trade is a more effective buffer and whether stockpiles (...) are more useful in raw or processed form. Several chapters are devoted to analysing such government programmes as price bands, buffer stocks, and strategic reserves. This material is in the domain of applied welfare analysis with public finance. Because the theory presented is sufficiently general, it should be of interest to macroeconomists studying aggregate inventories or savings and to those in operations research studying inventory and pricing policies of large firms. (shrink)