This indispensable volume brings together the key contributions to the academic literature on the subject of the political economy of trade policy. Topics covered include unilateral and multilateral trade policies, international trade agreements and administered protection. In their...

Escape mechanisms from trade agreements are necessary because such agreements are incomplete, self-enforcing, contracts negotiated when the future is unknown. The essence of multilateral escape mechanisms is the principle of equivalent withdrawal of concessions, which allows trade agreements to...

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...