Trade governance

Kendall Stiles

Chapter 3 in Understanding Global Governance, 2026, pp 52-79 from Edward Elgar Publishing

Abstract: In this chapter, I address why trade policy has vacillated between mercantilist protectionism and liberal free trade over the years. These changes are correlated with the preferences of the great powers – especially Great Britain and the United States – which in turn are shaped by domestic politics, ideology, and global economic conditions. I explore early trade patterns and the role of navies in securing control of shipping lanes and ports. The mid-1800s is explored for its early experiments with regional free trade arrangements in Europe. The reversals during the two World Wars and the Great Depression signal the role of global security and economic conditions in shaping trade policy. The period after the Bretton Woods conference in 1944 shows the role of a hegemon in shaping global free trade arrangements, as well as the limits to free trade.

Keywords: Mercantilism; Free trade; GATT; WTO; Great Depression (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035358496
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