Preferential Trading Areas and Multilateralism: Strangers, Friends or Foes?

The following sections are included:

• Introduction

• Phrases and Concepts

  • Phrases

  • Concepts

• Rethinking Static Welfare Analysis

  • The Issues Examined

  • The Theoretical Analysis

• Theoretical Analyses of the Dynamic Time-Path Question

  • Formulating the Time-Path Question

  • Question Originating in Policy

  • “Exogenously-determined” Time-Paths: A Diversion

  • Incentive Structure Arguments

  • Recent Theoretical Analyses

  • The Sequential Bargaining Argument

• Implications for Current Policy

  • The Politics of PTAs

  • The “Spaghetti Bowl” Phenomenon

  • PTAs with and among Hegemons

  • PTAs among the Nonhegemons

• Concluding Remarks

• References