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Coping with Shocks and Shifts: The Multilateral Trading System in Historical Perspective.

Abstract:

This paper provides a historical look at how the multilateral trading system has coped with the challenge of shocks and shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and political conflicts. By shifts we mean slow-moving, long-term changes in comparative advantage or shifts in the geopolitical equilibrium that force economies to undergo disruptive and potentially painful adjustments. We conclude that most shocks (fi...

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Volume:
92
Series:
Discussion Papers in Economic and Social History
Publication date:
2011-11-05
URN:
uuid:440a833f-1f33-4760-b4f8-7d4c2c6e9ecc
Local pid:
oai:economics.ouls.ox.ac.uk:15292
Language:
English

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