Coping with shocks and shifts: the multilateral trading system in historical perspective
This paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean slow-moving, l...
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| Format: | Working paper |
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University of Oxford
2011
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| _version_ | 1797051409509646336 |
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| author | O'Rourke, K Irwin, D |
| author_facet | O'Rourke, K Irwin, D |
| author_sort | O'Rourke, K |
| collection | OXFORD |
| description | This paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean slow-moving, long-term changes in comparative advantage or shifts in the geopolitical equilibrium that force economies to undergo disruptive and potentially painful adjustments. We conclude that most shocks (financial crises and regional wars) have had relatively little effect on the trade policy, but that shifts pose a greater challenge to the system of open, ultilateral trade. |
| first_indexed | 2024-03-06T18:19:09Z |
| format | Working paper |
| id | oxford-uuid:05ab5321-8a1e-4161-8c59-db8b65f57db1 |
| institution | University of Oxford |
| last_indexed | 2024-03-06T18:19:09Z |
| publishDate | 2011 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:05ab5321-8a1e-4161-8c59-db8b65f57db12022-03-26T08:58:27ZCoping with shocks and shifts: the multilateral trading system in historical perspectiveWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:05ab5321-8a1e-4161-8c59-db8b65f57db1Symplectic ElementsBulk import via SwordUniversity of Oxford2011O'Rourke, KIrwin, DThis paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean slow-moving, long-term changes in comparative advantage or shifts in the geopolitical equilibrium that force economies to undergo disruptive and potentially painful adjustments. We conclude that most shocks (financial crises and regional wars) have had relatively little effect on the trade policy, but that shifts pose a greater challenge to the system of open, ultilateral trade. |
| spellingShingle | O'Rourke, K Irwin, D Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title | Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title_full | Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title_fullStr | Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title_full_unstemmed | Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title_short | Coping with shocks and shifts: the multilateral trading system in historical perspective |
| title_sort | coping with shocks and shifts the multilateral trading system in historical perspective |
| work_keys_str_mv | AT orourkek copingwithshocksandshiftsthemultilateraltradingsysteminhistoricalperspective AT irwind copingwithshocksandshiftsthemultilateraltradingsysteminhistoricalperspective |