No matter the rules, every country tries to gain an advantage somewhere. Think Trumps gambit has opened eyes and minds around the world and the unfairness of many markets. Hope the U.S. doesn't destroy the principles of the WTO's founding basis because over the years it has been around, as you point out, its rules have been effective. By the way, my daughter is currently in Ghana trying to rescue persons in economic slaveholder conditions. A few weeks ago they rescued 74 families from these conditions in Pakistan.
But vrossly incomplete without addressing Intellectual Property rules. The WTO TRIPS Agreement has been so good for some powerful US companies, that it stays the only reason why the US still cares about the WTO
And this is before the shenanigans with trade of intangibles. In essence the US (under lobbying pressure of Hollywood and biopharms) offered a slight discount on tariffs in return to accepting the US position on IP protection (think DCMA). The developing countries felt swindled (https://en.wikipedia.org/wiki/TRIPS_Agreement) and multilateral talks broke down on IP. Hence you end up with current EU impasse on digital privacy, Chinese Great firewall on cultural contamination and accusations of AI misappropriation. Without a common forum to discuss these matters, incl enforcement, you end up with a patchwork of bilateral deals.
### The Future of American Hegemony and the Risks of European Dominance
As we have witnessed, America has been a relatively benevolent hegemon, shaping the international order with a degree of restraint and a focus on maintaining global stability. However, the presidency of Donald Trump will test the limits of this benevolence. Under his leadership, we will discover whether American benevolence is an essential feature of the international order or if it has merely been a case of leaving money on the table without tangible benefits for the United States.
Moreover, I am deeply concerned about the prospect of the Euro becoming the next reserve currency. Europeans have historically shown a greater propensity to abuse their power, using economic sanctions as a tool to reshape the world in their own image rather than adopting a "live and let live" attitude. This shift could lead to a more interventionist and less tolerant global order, where countries are subject to the whims of European policymakers.
The potential for European dominance raises serious questions about the future of international relations and the preservation of sovereignty for nations around the world. It is crucial that we remain vigilant and advocate for a balanced and respectful approach to global governance.
Once again Yaw, your papers are always appreciated by me with highest degree, because I always feel less ignorant upon finishing them. Particularly, in today's piece, the part where Africans nations continuously excel at failing to take advantage of the opportunities available. I'm sure we know the reasons as you have discussed them at length.
No matter the rules, every country tries to gain an advantage somewhere. Think Trumps gambit has opened eyes and minds around the world and the unfairness of many markets. Hope the U.S. doesn't destroy the principles of the WTO's founding basis because over the years it has been around, as you point out, its rules have been effective. By the way, my daughter is currently in Ghana trying to rescue persons in economic slaveholder conditions. A few weeks ago they rescued 74 families from these conditions in Pakistan.
Totally right Robert.
Laws are a like the rules of the game, and there will always be arbitrage opportunities.
I don't think the world trade needs to be rewritten but there's always space to update rules.
Also, do you mean your daughter is rescuing people from debt bondage? if so that's awesome!
It's a very backwards practice that needs to die.
Take first ppt, by Carlos Correa of the South Centre, for an overview of TRIPS
https://drive.google.com/drive/folders/1zifN02NuGJKlr-Ib5NK-QRfLsOPMoMnr?usp=sharing
Very nice.
But vrossly incomplete without addressing Intellectual Property rules. The WTO TRIPS Agreement has been so good for some powerful US companies, that it stays the only reason why the US still cares about the WTO
And this is before the shenanigans with trade of intangibles. In essence the US (under lobbying pressure of Hollywood and biopharms) offered a slight discount on tariffs in return to accepting the US position on IP protection (think DCMA). The developing countries felt swindled (https://en.wikipedia.org/wiki/TRIPS_Agreement) and multilateral talks broke down on IP. Hence you end up with current EU impasse on digital privacy, Chinese Great firewall on cultural contamination and accusations of AI misappropriation. Without a common forum to discuss these matters, incl enforcement, you end up with a patchwork of bilateral deals.
### The Future of American Hegemony and the Risks of European Dominance
As we have witnessed, America has been a relatively benevolent hegemon, shaping the international order with a degree of restraint and a focus on maintaining global stability. However, the presidency of Donald Trump will test the limits of this benevolence. Under his leadership, we will discover whether American benevolence is an essential feature of the international order or if it has merely been a case of leaving money on the table without tangible benefits for the United States.
Moreover, I am deeply concerned about the prospect of the Euro becoming the next reserve currency. Europeans have historically shown a greater propensity to abuse their power, using economic sanctions as a tool to reshape the world in their own image rather than adopting a "live and let live" attitude. This shift could lead to a more interventionist and less tolerant global order, where countries are subject to the whims of European policymakers.
The potential for European dominance raises serious questions about the future of international relations and the preservation of sovereignty for nations around the world. It is crucial that we remain vigilant and advocate for a balanced and respectful approach to global governance.
Once again Yaw, your papers are always appreciated by me with highest degree, because I always feel less ignorant upon finishing them. Particularly, in today's piece, the part where Africans nations continuously excel at failing to take advantage of the opportunities available. I'm sure we know the reasons as you have discussed them at length.
Thanks, this a very helpful review. Another important aspect: investor-state dispute settlement. Here’s one analysis: https://www.citizen.org/wp-content/uploads/isds-and-tafta.play
Thanks!