A Brookings Institution Press and the Center for Business and Government at Harvard University publication

The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy?

"The various contributors present some though-provoking proposals for adapting the governance of the WTO to meet the needs of a changing world economy, including ways to increase the representation of different countries and interest groups. This highly readable book presents a variety of perspectives and offers the reader up-to-date and in-depth insights into key globalization issues." —Dalia Hakura, Economist, IMF, Finance and Development

Roger B. Porter is IBM professor of business and government at Harvard University, Massachusetts. Pierre Sauve is head of the Trade Policy Linkages Division of the OECD Trade Directorate in Paris, France. Arvind Subramanian is deputy division chief of the African department of the International Monetary Fund, Washington, D.C., USA. Americo Beviglia Zampetti is administrator, Directorate-General for Trade of the European Commission, Brussels, Belgium.