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WTO Crisis through the Lens of Hegemony Theories: When International Trade Law and Geopolitics Collide

WTO Crisis through the Lens of Hegemony Theories: When International Trade Law and Geopolitics... AbstractThe liberal trade order that prevailed after World War II is shifting to an order where major powers increasingly intervene to secure political, economic, and technological gains – in a dynamic that results in a deep crisis of the WTO and the retreat of globalization. Whereas International Trade Law-centered analysis points out that this phenomenon occurs due to faults in the WTO legal framework, the assessment of the issue through the lens of Hegemony Theories indicate that the roots of the crisis stand in the ongoing process of hegemonic transition since the U.S. – the traditional patron of free trade, perceive such order as beneficial to China, which is the emerging power that has been grasping huge advantages from international trade. International regimes and the institutions that govern it are forged by the hegemons’ leadership and largely reflect their preferences. Consequently, the emergence of a new challenger and the hegemon declining power tend to cause disruptions in the prevailing order. Policy recommendations to overcome the WTO crisis must benefit from the insights from Hegemony Theories. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png New Global Studies de Gruyter

WTO Crisis through the Lens of Hegemony Theories: When International Trade Law and Geopolitics Collide

Ramos Codeço, Rafael
New Global Studies , Volume 16 (3): 24 – Dec 1, 2022
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References (9)

Publisher
de Gruyter
Copyright
© 2021 Walter de Gruyter GmbH, Berlin/Boston
ISSN
1940-0004
eISSN
1940-0004
DOI
10.1515/ngs-2021-0007
Publisher site
See Article on Publisher Site

Abstract

AbstractThe liberal trade order that prevailed after World War II is shifting to an order where major powers increasingly intervene to secure political, economic, and technological gains – in a dynamic that results in a deep crisis of the WTO and the retreat of globalization. Whereas International Trade Law-centered analysis points out that this phenomenon occurs due to faults in the WTO legal framework, the assessment of the issue through the lens of Hegemony Theories indicate that the roots of the crisis stand in the ongoing process of hegemonic transition since the U.S. – the traditional patron of free trade, perceive such order as beneficial to China, which is the emerging power that has been grasping huge advantages from international trade. International regimes and the institutions that govern it are forged by the hegemons’ leadership and largely reflect their preferences. Consequently, the emergence of a new challenger and the hegemon declining power tend to cause disruptions in the prevailing order. Policy recommendations to overcome the WTO crisis must benefit from the insights from Hegemony Theories.

Journal

New Global Studies – de Gruyter

Published: Dec 1, 2022

Keywords: WTO crisis; hegemony theories; international trade law; hegemonic disputes; international liberal order; globalization retreat

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