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"In all countries, there are laws and regulations affecting private economic activity. They are necessary to enable private economic activity to thrive, as well as to provide for honesty in information), consumer protection, and much more. Laws and regulations, such as safety standards, quality grades, and health and food (phytosanitary) standards generally apply to much economic activity within a country. In very primitive societies when farming or hunting was almost all economic activity, such measures were much less necessary. But as exchanges and trading increased, the need to find ways to support transactions became essential in order to enable parties to agree on even such things as simple weights and measures. Until there was a commercial code (legal framework), most businesses were owned primarily by family members who could trust each other. The commercial codes covered such phenomena as penalties against breach of contract, standards and assurances as to the quality and ingredients of goods being contracted, and penalties for their infringement, and so on. Note that even a rudimentary contract would likely have needed an understanding as to weights and measures, definition of materials, and much more."

Key Features:Focuses on the successes of globalization and some of the main economic policy challenges and solutions that arise to enhance the benefits and lower the costsCovers multilateral international organizations, namely the World Trade Organization, the IMF and the World Bank.

Exploring the political and economic determinants of trade protection, this study provides a wealth of information on key American industries and documents the process of seeking and conferring protection. Eight analytical histories of the automobile, steel, semiconductor, lumber, wheat, and textile and apparel industries demonstrate that trade barriers rarely have unequivocal benefits and may be counterproductive. They show that criteria for awarding protection do not take into account the interests of consumers or other industries and that political influence and an organized lobby are major sources of protection. Based on these findings, a final essay suggests that current policy fails to consider adequately economic efficiency, the public good, and indirect negative effects. This volume will interest scholars in economics, business, and public policy who deal with trade issues

The author considers the implications of deeper integration in the international economy for developing countries. She traces the reasons for the developing countries' reversals of earlier policies and demonstrates the importance of the open trading system for them. Anne O. Krueger is professor of economics at Stanford University.