Growing international trade has helped lift living standards around the world, and yet free trade is always under attack. Critics complain that trade forces painful economic adjustments, such as plant closings and layoffs of workers, and charge that the World Trade Organization serves the interests of corporations, undercuts domestic environmental regulations, and erodes America's sovereignty. Why has global trade become so controversial? Does free trade deserve its bad reputation? In "Free Trade under Fire", Douglas Irwin sweeps aside the misconceptions that litter the debate over trade and gives the reader a clear understanding of the issues involved. This third edition has been thoroughly updated to include the latest developments in world trade - including the practice of off-shoring services, the impact of trade on wages, and the implications of trade with China-based on the latest research.
Douglas A. Irwin is professor of economics at Dartmouth College and the author of "Against the Tide: An Intellectual History of Free Trade" (Princeton).
List of Figures ix List of Tables xi Preface xiii Introduction 1 Chapter 1: The United States in a New Global Economy? 8 Chapter 2: The Case for Free Trade: Old Theories, New Evidence 28 Chapter 3: Protectionism: Economic Costs, Political Benefits? 70 Chapter 4: Trade, Jobs, and Income Distribution 105 Chapter 5: Relief from Foreign Competition: Antidumping and the Escape Clause 146 Chapter 6: Developing Countries and Open Markets 176 Chapter 7: The World Trading System: The WTO, Trade Disputes, and Regional Agreements 219 Conclusion 270 References 279 Index 307