Review by Choice Review
In this volume, which grew out of the 1990 Harry Johnson Memorial Lecture, Bhagwati agressively defends and supports GATT. Bhagwati's stature as, arguably, the world's leading international economist, enables him to write authoritatively about current trade policy in light of theoretical and empirical findings. The discussion, presented in an informal manner befitting its verbal origin, includes his analysis and perspective on "fix rule" versus "fix quantity" trade regimes, free trade versus fair trade, and the relationship between managed trade and managed exchange rates. Particularly useful is the author's critique of US trade policy: the "Japan question" (including the Structural Impediments Initiative), the US proclivity toward "agressive unilateralism" as opposed to the GATT multilateral formula, and his elaboration of Sections 301, Special 301, and Super 301 in US trade legislation. Bhagwati has pointed, well-substantiated criticisms of the trade analyses of Rudiger Dornbush, J.M. Keynes, and Paul Krugman. Highly recommended for general readers (key terms are explained and placed in context) as well as professional economists seeking understanding of current trade issues including the significance of the Uruguay Round of GATT negotiations.-R. L. Lucier, Denison University
Copyright American Library Association, used with permission.
Review by Choice Review
