Efficiency, Equity, and Legitimacy

The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy?

Roger B. Porter is IBM professor of business and government at Harvard University. Pierre Sauvé is head of the Trade Policy Linkages Division of the OECD Trade Directorate in Paris. Arvind Subramanian is deputy division chief of the African department of the International Monetary Fund. Americo Beviglia Zampetti is administrator, Directorate-General for Trade of the European Commission.