Richardson, Martin; Winchester, Niven - In: Globalization and emerging issues in trade theory and policy, (pp. 121-138). 2008
Purpose – This chapter suggests that the value of the extension to free trade areas (FTAs) of the Kemp–Wan (KW) theorem on necessarily welfare-improving customs unions is undermined by its very rationale – the greater popularity of FTAs over customs unions for ‘political’ reasons....
