Overview

The recent proliferation of free trade areas and customs unions in the world trading system has led to a revival of interest in the economic analysis of Preferential Trade Agreements (PTAs). The principal theoretical question of the 1950s and 1960s (Viner) was whether PTAs encourage or discourage the worldwide nondiscriminatory freeing of trade. The essays in this volume present the central contributions to the analytical approaches developed to examine these questions. The first section of the book presents a synthesis and analytical guide to the issues, and to the theoretical research, as they have developed since 1950. The following sections contain the theoretical contributions themselves, grouped by analytical approach. This volume should enable graduate students, scholars of PTAs and policymakers concerned with trade liberalization to grasp the analytical relationships among the sometime disparate contributors of nearly a half century of theoretical research on PTAs.

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Jagdish N. Bhagwati is University Professor of Economics, Law, and International Relations at Columbia University and former Adviser to the Director General of GATT, Arthur Dunkel. He is the author (with Arvind Panagariya) of Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries. Pravin Krishna is Chung Ju Yung Distinguished Professor of International Economics at Johns Hopkins University. Arvind Panagariya is Vice Chairman, NITI Aayog (National Institution for Transforming India), Government of India, and Professor of Economics in the School of International and Public Affairs at Columbia University.

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