This paper studies the consequences of a private or depletable externality on free trade agreements in a general equiilibrium framework. It is shown that there always exists a stable system of free trade spaces in the world economy. This stable system can result in either non-cooperation,...

The paper examines some issues linked to the integration of market power in general equilibrium. The first part reviews the different existing approaches : subjective and objective, in terms of quantitites and in terms of prices. The second part presents a semi-competitive model, based on a...