This paper develops a theory, consistent with empirical evidence, of trade agreements as the exchange of market access. The WTO dispute settlement process is discussed in this context. The role of that process is neither to deter nor to punish violations of trade agreements, but to maintain...

Many functionalist models of international cooperation rely on punishment by states to enforce cooperation. However, the empirical record suggests that such state-based accounts offer an incomplete explanation of international trade cooperation. We argue that when theoretical approaches are...