9781474257824

The US, the EC and World Trade From the Kennedy Round to the Start of the Uruguay Round

by
  • ISBN13:

    9781474257824

  • ISBN10:

    1474257828

  • Format: Hardcover
  • Copyright: 2016-06-16
  • Publisher: Bloomsbury Academic

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Summary

The period between the close of the Kennedy Round and the opening of the Uruguay Round replaced a decade of fast growth in world output and trade - and of prevailing harmony in trade relations across the Atlantic - with twenty years of currency and trade turmoil and strains between the US and the EC. Giuseppe La Barca provides a comprehensive account of these trade developments and the measures adopted by the US and the EC to cope with them; in doing so, he draws a wider picture of international trade policy-making during the period.

The aftermath of the Kennedy Round witnessed the undoing of the Bretton Woods regime, but the consequent overheating of the world economy resulted in an acceleration of international trade while settlement in the currency area contributed to the launching of the Tokyo Round negotiations. The first oil shock heralded an unprecedented slump along with a jump in unemployment and inflation rates. The Tokyo Round resulted only in a first step in eliminating non-tariff barriers, leaving contentious issues between the two transatlantic trading partners unsettled. The second oil shock led to growing calls for protectionism and unilateralism particularly in the US, and the Reagan administration pressed for the launch of the Uruguay Round only partially supported by the EC.

Providing an in-depth analysis of trade developments involving the two most important economic actors, and placing these developments in a multilateral, international context, this book offers new insights to scholars of economic history and international political economy.

Author Biography

Giuseppe La Barca is Honorary Research Associate at Swansea University, UK. He is the author of International Trade in the 1970s (2014).

Table of Contents

1. The Setting of International Trade as it Emerged from the End of the Kennedy Round and its Aftermath
2. International Trade in the Years of Monetary Turmoil from the Close of the Kennedy Round to the Opening of the Tokyo Round
3. The Oil Shock, the Partial Recovery and their Impact on Trade Policies Across the Atlantic
4. The Tokyo Round
5. The EC and the US in the World Trade Field from the Second Oil Shock to the Spread and Consolidation of the Recovery
6. Trade Policies and Trade Conflicts across the Atlantic, 1981-1986
7. The Decline of Key Industrial Sectors in the US and the EC and Policies Adopted to Stem It
8. The Particular Case of Agriculture and its Impact on Trade Relations
9. The Long Road to Punta del Este and the Launch of the Uruguay Round
Conclusions
Bibliography
Index

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