
Contents
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1 Full Circle 1 Full Circle
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2 Trade in Semiconductors: From Industrial Policy to Industrial . . . Disease 2 Trade in Semiconductors: From Industrial Policy to Industrial . . . Disease
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3 The Trade and Security Nexus/Spiral in the WTO Ring 3 The Trade and Security Nexus/Spiral in the WTO Ring
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3.1 The GATT, Embedded Liberalism, and the WTO 3.1 The GATT, Embedded Liberalism, and the WTO
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3.2 National Security in the World Trading System, Then and Now 3.2 National Security in the World Trading System, Then and Now
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3.2.1 National Security Was Not a Major Issue across GATT Members 3.2.1 National Security Was Not a Major Issue across GATT Members
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3.2.2 National Security, GATT Members, and Outsiders 3.2.2 National Security, GATT Members, and Outsiders
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3.2.3 History Returns with a Bang 3.2.3 History Returns with a Bang
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3.2.4 Why This Time It Is Different 3.2.4 Why This Time It Is Different
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4 How Can the WTO Cope with the New Situation? 4 How Can the WTO Cope with the New Situation?
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Introduction: How the Return to Industrial Policy Threatens to Undermine the WTO: An Explanation of the Volume
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Published:November 2024
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Abstract
This chapter explains the content of the whole volume. It starts with the observation that we are witnessing “slowbalization” as the growth of trade has been halted. The main reason is the number of trade-impeding measures, many of which are in the name of national security. At this juncture, not much can be done against similar measures, as enforcement at the WTO level has been crippled: WTO members routinely adopt trade-restricting measures safe in the knowledge that, if challenged, they can always appeal hostile panel reports “into the void” as we explain later on, and thus deprive panel decisions of any legal significance. But the bigger problem is that correcting this defect is not much help. The law itself needs to be rethought, as it is outdated. Alas, there is no appetite for legislative action at the WTO.
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