Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 916: Why the WTO? An Introduction to the Economics of Trade Agreements

Gene M. Grossman and Henrik Horn ()
Additional contact information
Gene M. Grossman: Princeton University
Henrik Horn: Research Institute of Industrial Economics (IFN), Postal: P.O. Box 55665, SE-102 15 Stockholm, Sweden

Abstract: This study is part of The American Law Institute (ALI) project Legal and Economic Principles of World Trade Law. The project aims to analyze the central instrument in the World Trade Organization (WTO) Agreement for the regulation of trade in goods – The General Agreement on Tariffs and Trade GATT). The present study is one of two background studies for this project*. The first study, The Genesis of the GATT, appraises the rationale for the creation of the GATT, and tracks its development from a historical and legal perspective. This second study provides an overview of the economics of trade agreements. * There is a second leg to the ALI project, in which economists and lawyers jointly analyze the emerging case law from the WTO dispute-settlement mechanism.

Keywords: Trade agreements; GATT; WTO

JEL-codes: F13

68 pages, May 23, 2012

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