Managed Trade


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Freedom to Trade


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Money, Markets, and Sovereignty


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Winner of the 2010 Hayek Book Prize given by the Manhattan Institute "Money, Markets and Sovereignty is a surprisingly easy read, given the complicated issues covered. In it, Mr. Steil and Mr. Hinds consistently challenge today's statist nostrums."—Doug Bandow, The Washington Times In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defense of economic liberalism since F. A. Hayek published The Road to Serfdom more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedentedly liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived—a situation bound to trigger periodic crises. Steil and Hinds call for a revival of the political and economic thinking that underlay earlier great periods of globalization, thinking that is increasingly under threat by more recent ideas about what sovereignty means.




Sovereignity Through Interdependence


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Is it true that the forces of technology and interdependence have undermined the sovereignty of modern states? This book argues powerfully that the opposite is true: that over the past quarter century the major industrial states - the US, Britain, France, Germany and Japan - have mostly used these forces, often in novel ways, to pursue national purposes. The nation-state framework has, over that period, remained the basis of legitimate political authority and law. There has been a huge increase in the scope, incidence and detail of state regulation to manage, among other things, both the domestic economy and the effects of transnational flows. International management almost invariably depends upon state consent. The power of the state has never, anywhere, been absolute and its methods of management have always been changeable. But there is no evidence that its managerial effectiveness has, overall, been less in 1995 than in 1975 or 1965. This book therefore takes strong issue with much of the literature on interdependence and international organisation which has appeared in recent times. It is especially useful for those trying to understand the larger framework within which business must operate or the sources of authority for anyone's plan to manage problems of financial or population flows, of transnational conservation problems or of trade. The book will also be of particular use in graduate and senior undergraduate courses in international relations or organisation.







Free Trade--managed Trade?


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The Threat of Managed Trade to Transforming Economies


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Open foreign markets are an essential ingredient in assisting the transformation of the economies of central and eastern Europe and the former Soviet Union from central planning to the market. Trade represents one of the few reliable engines of growth and employment during the early stages of this process. Yet despite the profound global implications of successful transformation, it is far from certain that western markets will offer the open access that is so badly needed. The purpose of this paper is to examine the implications of managed trade solutions and the breakdown of trade in the former Soviet Empire on the ultimate integration of its constituent states into the world economy and polity.




The Impact of State Sovereignty on Global Trade and International Taxation


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This work examines the role of global economic change and the concepts of State sovereignty and jurisdiction in the creation and elimination of direct tax barriers to international trade and investment. Until now there has been no systematic study of the problems of such barriers to trade taking into account these fundamental elements. Here the author applies this new theoretical perspective to a number of specific international tax issues and aims to suggest practical solutions to the problems of direct tax distortions.The issues examined include: International tax non-discrimination; Treaty shopping; The prohibition on the extra-territorial enforcement of revenue laws; The need for tax co-ordination in the relations of the European Community (EC) and Member States with the rest of the world for the effective elimination of direct tax barriers within the EC. The Impact of State Sovereignty on Global Trade and International Taxation constitutes a valuable addition to the literature concerning the interface of trade and tax and international law, and the harmonisation of taxation within the EC. This work was awarded the 1998 Mitchell B. Carroll Prize by the International Fiscal Association for the best work devoted to international fiscal law or comparative tax law.




Managed Trade


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