Fundamentals of U.S. Foreign Trade Policy

Unique text that integrates three critical aspects of US foreign trade policy: economics, politics, and law. . Thoroughly updated to reflect the many recent changes in the international trading system, the second edition of this acclaimed study again provides a unique integration of the three critical aspects of US foreign trade policy formulation and implementation: economics, politics, and law. In a comprehensive and nonjudgmental manner, the authors use an interdisciplinary approach to analyze why US trade policy is as it is, not what it could or should be. The authors begin by explaining the book's analytical framework and then succinctly review the history of US trade policy. This is followed by an explanation of key economic principles and theories underlying trade relations. The book next discusses the political forces that govern the inner workings of the US trade policy decision-making process. A thorough examination is then given to the laws that emanate from the political arena as they apply to domestic imports and exports, and to the World Trade Organization. A final section combines the three perspectives in an analysis of key concerns to contemporary US trade relations: Japan, China, the European Union, regional trade groups, and the anti-globalization backlash. Looking toward the future, the authors conclude that given constant changes in the political, economic, and legal environments of trade, the import and export policies of the United States are subject to constant evolutionand potential revolution.