Revisiting the Foundations of the Global Trade Order from a 21st Century Perspective

Authors

  • Ramon Torrent University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain
  • Olga Bogurina-Kovalkova University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain
  • Altagracia Cuevas University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain

Abstract

Nowadays we are living in troubled times globally, including in the specific framework of trade relations between the West and Russia. The world economic order in which we live was also set up in a very troubled period: in the immediate aftermath of World War II and the Great Depression of the 1930s. Therefore, a reflection on its foundations can be a reflection into the present that could provide ideas for the future.

The reflection also leads to a discussion of whether the strategy of “more”, in particular “more liberalization”, should be replaced by the strategy of “better” and the strategy of the 3 Cs: Consolidation, Completion and Coherence, a thesis already put forward by one of the authors in 2001 before the launching of the WTO Doha Round of negotiations. The failure of the Doha Round, and in particular the inability to accept that its launch was perhaps not a timely step, seems to strengthen the validity of this thesis.

Keywords:

International monetary system, investment framework, preferential trade agreements, national security, trade liberalization, economic/trade sanctions, world economic order reform, World Trade Organization (WTO)

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Author Biographies

Ramon Torrent, University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain

PhD, IELPO LL. M. Director and Director of the WTO Chair-Regional Integration

Olga Bogurina-Kovalkova, University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain

IELPO LL. M. graduate and IELPO assistant

Altagracia Cuevas, University of Barcelona, 585, Gran Via de les Corts Catalanes, Barcelona, 08007, Spain

IELPO LL. M. graduate and current IELPO LL. M. Coordinator

References

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Published

2016-03-30

How to Cite

Torrent, R., Bogurina-Kovalkova, O., & Cuevas, A. (2016). Revisiting the Foundations of the Global Trade Order from a 21st Century Perspective. St Petersburg University Journal of Economic Studies, (1), 004–019. Retrieved from https://economicsjournal.spbu.ru/article/view/1106

Issue

No. 1 (2016)

Section

Global economy

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.