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As the world economy emerges from the financial crisis, critics are announcing an end of the American era. The United States is said to be in an inexorable decline, and the expectation for the 21st century is for China to eclipse America and for the contours of global governance to blur. The loss of America's preeminent status will undercut our sway abroad and our safety and standard of living at home. But is America really done? Is the American era really over? In this provocative account, based on interviews with senior policymakers and cutting-edge research, Kati Suominen argues that talk of the end of Pax Americana is more smoke than fire. The international crisis did not fundamentally change the way the world is run. The G20 is but an American-created sequel to the G8, the US dollar still reigns supreme, and no country has resigned from the US-built, post-war financial institutions like the International Monetary Fund. This continuity reflects an absence of alternatives; there are no rival orders that would match the growth and globalization generated by leaving the United States at the helm. But Washington has no time for complacency. The American order is peerless, but it is also imperiled. To transcend this critical moment in history, the United States must step up and lead. Only America can uphold its order. In an interdependent world economy of rising powers, the US must stand for strategic multilateralism: striking deals with pivotal powers to tame destabilizing financial imbalances, securing free and fair markets abroad for US banks and businesses, and transforming the IMF and emerging Asian and European financial schemes into rapid responders to instability

Almost 15 years ago, in The World is Flat, Thomas Friedman popularized the latest wave of globalization as a world of giant corporate supply chains that tripled world trade between 1990 and 2010. Major corporations such as Apple, Dell, and GE offshored manufacturing to low-cost economies; China became the world's factory, mass-producing and exporting computers and gadgets to Western shoppers. This paradigm of globalization has dominated global trade policy-making and guided hundreds of billions of dollars in business investments and development spending for almost three decades. But we are now on the cusp of a new era. Revolutionizing World Trade argues that technologies such as ecommerce, 3D printing, 5G, the Cloud, blockchain, and artificial intelligence are revolutionizing the economics of trade and global production, empowering businesses of all sizes to make, move, and market products and services worldwide and with greater ease than ever before. The twin forces of digitization and trade are changing the patterns, players, politics, and possibilities of world trade, and can reinvigorate global productivity growth. However, new policy challenges and old regulatory frameworks are stifling the promise of this most dynamic, prosperous, and inclusive wave of globalization yet. This book uses new empirical evidence and policy experiences to examine the clash between emerging possibilities in world trade and outdated policies and institutions, offering several policy recommendations for navigating these obstacles to catalyze growth and development around the world

History has declared globalization the winner of the 20th century. Globalization connected the world and created wealth unimaginable in the wake of the Second World War. But the financial crisis of 2008-09 has now placed at risk the liberal economic policies behind globalization. Engulfing the entire world, the crisis gave new fuel to the skeptics of the benefits of economic integration. Policy responses seem to favor anti-globalizers. New regulations could balkanize the global financial system, while widespread protectionist impulses might undo the Doha Round. Issues from climate change to national security may be used as convenient excuses to keep imports out, keep jobs at home, and to clamp down on global capital. Will globalization triumph or perish in the 21st century? What reforms make sense in the post-crisis world?International economists Gary Clyde Hufbauer and Kati Suominen argue that globalization has been a force of great good, one that needs to be actively advanced and honed. Drawing on the latest economic analyses, they reveal the drivers and effects of global finance and trade, lay out the key risks to globalization, and offer a practical policy roadmap for managing the challenges while increasing the gains. Vital reading for anyone in business, finance, foreign affairs, or economics, Globalization at Risk is sure to advance public debate on this defining issue of the 21st century

The recent proliferation of regional trade agreements in the East Asian region can be seen as the most notable development in the region's trading panorama in recent years. Yet, very little is as yet understood about the anatomy of these agreements and, consequently, their full implications to the regional economy. This article strives to fill this gap by analyzing the structure of four dozen RTAs by their various key component parts, including tariff liberalization schedules, rules of origin, and competition policy, customs, investment, and services provisions. The results reveal that intra-Asian RTAs are generally quite rapidly liberalizing, with the exception of agriculture, but they are also quite thin in trade-related disciplines when compared with the more legalistic US trans-Pacific RTAs and those of Mexico and Chile. The proposed Free Trade Area of the Asia-Pacific would inherently be a construct of the political economy interests of these various constituent RTAs.

El proposito de este articulo es explicar cuales fueron los factores que produjeron las diferencias en los resultados electorales y niveles de votacion en las elecciones presidenciales en El Salvador el 7 de marzo y en Panama el 2 de mayo 1999. Se analiza ademas las implicaciones de estas elecciones en las dos democracias del istmo centroamericano. El articulo se propone identificar algunos factores que produjeron percepciones distintas sobre la credibilidad de los respectivos candidatos del partido gobernante. Si bien la democracia es rutinizada en ambos casos, tanto el resultado como el proceso electoral sugieren una mayor confianza en la consolidacion de la democracia en Panama que en El Salvador. (Ibero Am/DÜI)

International trade and the rapidly proliferating network of trade agreements have aroused passions for decades. While some blame trade agreements for exporting jobs, sowing poverty, furthering illegal migration, and robbing national sovereignty, others praise them as lynchpins of growth, pillars of peace, guarantors of security, and engines of globalization. Still others view them as useful instruments for fostering global trade and investment. This book examines whether tradeagreements merit the blame levelled against them or the hopes pinned on them. It employs extensive new historical data

History has declared globalization the winner of the 20th century. Globalization connected the world and created wealth unimaginable in the wake of the Second World War. But the financial crisis of 2008-09 has now placed at risk the liberal economic policies behind globalization. Engulfing the entire world, the crisis gave new fuel to the skeptics of the benefits of economic integration. Policy responses seem to favor anti-globalizers. New regulations could balkanize the global financial system, while widespread protectionist impulses might undo the Doha Round. Issues from climate change to national security may be used as convenient excuses to keep imports out, keep jobs at home, and to clamp down on global capital. Will globalization triumph or perish in the 21st century? What reforms make sense in the post-crisis world?International economists Gary Clyde Hufbauer and Kati Suominen argue that globalization has been a force of great good, one that needs to be actively advanced and honed. Drawing on the latest economic analyses, they reveal the drivers and effects of global finance and trade, lay out the key risks to globalization, and offer a practical policy roadmap for managing the challenges while increasing the gains. Vital reading for anyone in business, finance, foreign affairs, or economics, Globalization at Risk is sure to advance public debate on this defining issue of the 21st century

This paper maps out Rules of Origin (RoO) in regional trade agreements (RTAs) around the world, and observes that the restrictiveness and complexity of RoO are driven by factors specific to each RTA, including economy size and level of development. Given the powerful political economy forces that generate and determine the origin regime, harmonization, insofar as this means requiring identical rules for unconnected RTAs, is not practical and could be counterproductive. However, one can imagine rules that, if agreed at the multilateral level, could help limit the distortions caused by the RoO of the everincreasing number of RTAs. This would be a process of 'multilateralising' preferential RoO. Furthermore, there are mechanisms that could allow regions with particularly dense networks of overlapping RTAs (for example the Americas and, increasingly, Asia) to replace the spaghetti bowl with something more like a plate of lasagne. This would be a process of 'convergence' of RoO. Finally, these two approaches can and should be mutually reinforcing: convergence regimes should be established within the framework and limitations of multilateral rules, whereas the multilateral rules should be established in a way that promotes and facilitates the negotiation of such regimes.