Agreements and blocs

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Chapter 6 in State and Trade, 2017, pp 81-100 from Edward Elgar Publishing

Abstract: Free trade agreements and regional blocs have arisen which divert trade but possibly also, by accelerating growth, create new markets. Clubs and treaties are anti-Ricardian and anti-global but they might be the only way of securing consensus in a self-interested world. Outsiders may be resentful of subsidised agriculture and the common external tariff of the European Union. A different set of outsiders will, however, object to the commodity price stabilisation of tin and coffee that raises the cost to the metropolitan consumer, or to the division of the world into cultural communities that band around values rather than the economic gain-seeking that Smith and Ricardo made the precondition for the wealth of nations.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2017
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