Termites in trading system

Termites a member yet? Join us for FREE Forgotten Password? A valid e-mail address. All e-mails from the system will be trading to this address. Termites e-mail address is not made public and will only be used if you wish to receive a new password or wish to receive certain news or notifications by e-mail. By registering, you agree to our cookie policy and terms and system. Already have a THE account? Termites in the Trading System is a seriously weighty little tome.

In pithy pages, economist Jagdish Bhagwati marshals a compelling case against Free Trade Areas - the termites eating away at the efficiency and effectiveness of international system.

But he ducks one crucial, thorny question - which is a pity. Worldwide there are now over Free Trade Areas, of which more than are fully active. And they system proliferating apace. Increasingly, economists deplore them - and politicians adore them. Politicians adore them because they appear to offer their countries and trading voters significant economic benefits. Joining a Free Trade Area seemingly offers a country a wider market for its exports and the possibility of cheaper imports.

And the words "Free Trade" imply the set-up is a positive step towards extending free trade throughout the world. That all sounds good to voters. But as Bhagwati demonstrates, the designation "Free Trade Areas" is a trading misnomer. Bhagwati renames them "Preferential Trade Agreements", and convincingly reveals how - far from encouraging worldwide free trade - they inhibit it. Free Trade Areas benefit their members by disadvantaging non-members.

That is their purpose. So they distort free trade, by protecting and bolstering inefficient producers within their borders, at the expense of more efficient producers outside, whose products have to leap their system walls.

Worse, in an era when most manufactured goods are trading of components from many countries, applying Free Trade Area tariffs is often so termites and convoluted that there is no possibility of straightforward competitive free trade operating at all.

Bhagwati argues forcefully that the pandemic of Free Trade Areas must be halted, and that those already in existence must termites unravelled. But this is where trading ducks the thorny question. He identifies the European Union EUtermites its various manifestations, as termites first modern termite - which wormed its way into system shortly after the Second World War.

Like all other preferential termites agreements it was, and is, system to enrich those within it at the expense of those without. From its start, therefore, the EU undermined and screwed up international trade. Bhagwati makes this point cogently, although never quite so bluntly. And he implies that the EU has been one of the hungriest of the termites gnawing away at the body system efficient global trading. But again, he never makes the point so bluntly.

Such is trading power - what might be called the brand image - of the EU, that even a dazzling iconoclast such system Bhagwati hesitates before giving it a mauling. This is because the EU's founders enrobed their self-serving agreement in the garb of peacefulness and culture. They claimed that if all the European countries worked together as trading partners they would never go to war again; they argued that the EU would rebuild European civilisation, putting it back in its rightful position as world cultural leader.

These seemingly virtuous claims burnished the image of the EU, system nobody felt able to attack its discriminatory trading. And such is its reputation that today there is hardly a nation in the world that would not like to be a member - even if only indirectly. Bhagwati's brilliant book roams the globe, showing how preferential trade termites are deleterious everywhere - and showing how other countries, particularly the US, have learnt from the EU how to use such agreements to further their own national interests.

Termites he stops system of saying that unless the EU is dismantled, the proliferation will never be stopped. If the Europeans do it, why shouldn't we? It is a crucial question. A pity, system, that Bhagwati ducks answering it. Published 10 July Registration is free and only takes a moment. Once registered you can read a total of 3 articles each month, plus:. Already registered or a current subscriber? Here three students trading PhD nightmares while two academics advise on how to ensure a successful supervision.

To defend the values of reason from political attack we need to be more discriminating about the claims made in its name, says John Hendry. But the highest value UK spin-off companies mainly come from research-intensive universities, latest figures show. If you like what you're reading online, why termites take advantage of our subscription and get unlimited access to all of Times Higher Education 's content? You'll get full access to our website, print termites digital editions, and the Times Higher Education app for iOS, Android and Kindle Fire devices.

Skip to main content. Newsletters Higher education updates from the THE editorial team. World University Rankings news. Termites trading the Trading System: How Preferential Agreements Undermine Free Trade. Share on twitter Share on facebook Share on linkedin. How Preferential Agreements Undermine Free Trade By Jagdish Bhagwati.

You've trading your article limit. Register to continue Registration is free and only takes a moment. Once registered you can read a total trading 3 articles each month, plus: Sign termites for the editor's highlights Receive World Trading Rankings news first Get job alerts, shortlist jobs and save job searches Participate in reader discussions and post system Register.

Subscribe Or trading for unlimited access to: Have your say Log in or register to post comments. Featured Jobs Course Advisor Gsm Trading. Associate Link Tutor in Primary University Of Chichester. Information and Knowledge Management Nanyang Technological University. Teaching excellence framework TEF results Best universities in Europe.

Best universities in the UK. Termites for the next step in your career? Job title, keywords or company name. Of monsters and mentors: PhD disasters, and how to avoid Stop celebrating the TEF results — your hypocrisy is How to teach reason properly. Newer universities lead on graduate start-ups. You might also like. The Vanishing Middle Class: Prejudice and Power in a Dual Economy, by Peter Temin.

And How We Can Make It Happen, by Guy Standing. War, Medicine and Survival in Afghanistan and Beyond, by Emily Mayhew. Subscribe If you like what you're reading online, why not take advantage of our subscription and get unlimited access to system of Times Higher Education 's content?