Mattoo, AadityaSubramanian, Arvind2012-06-012012-06-012008-09https://hdl.handle.net/10986/6950There is a fundamental shift taking place in the world economy to which the multilateral trading system has failed to adapt. The Doha process focused on issues of limited significance while the burning issues of the day were not even on the negotiating agenda. This paper advances five propositions: (i) the traditional negotiating dynamic, driven by private sector interests largely in the rich countries, is running out of steam; (ii) the world economy is moving broadly from conditions of relative abundance to relative scarcity, and so economic security has become a paramount concern for consumers, workers, and ordinary citizens; (iii) international economic integration can contribute to enhanced security; (iv) addressing these new concerns - relating to food, energy, and economic security - requires a wider agenda of multilateral cooperation, involving not just the WTO but other multilateral institutions; and (v) despite shifts in economic power across countries, the commonality of interests and scope for give-and-take on these new issues make multilateral cooperation worth attempting.CC BY 3.0 IGOADVANCED COUNTRIESADVERSE CONSEQUENCEADVERSE IMPACTAGRICULTURAL PROTECTIONAGRICULTUREARBITRAGEBANK POLICYBENEFICIARIESBONDBOND MARKETSBUDGETARY SUPPORTCAPITAL ACCOUNTCAPITAL ADEQUACYCAPITAL IMPORTERSCARBONCARTELCLIMATE CHANGECLIMATE CHANGE NEGOTIATIONSCODE OF CONDUCTCOLLECTIVE ACTIONCOLLUSIONCOMMODITIESCOMMODITYCOMMODITY PRICESCOMPARATIVE ADVANTAGECOMPETITION POLICYCOMPETITIVENESSCONDITIONALITYCONSUMERCONSUMER INTERESTSCONSUMERSCONTRIBUTIONCREDITORCROSS-BORDER FLOWSCURRENCYCURRENT ACCOUNTCURRENT ACCOUNT SURPLUSCURRENT ACCOUNT SURPLUSESDERIVATIVEDEVELOPED COUNTRIESDEVELOPING COUNTRIESDEVELOPING COUNTRYDIVISION OF LABORDOMESTIC PRICESDUMPINGDURABLEECONOMIC ACTIVITYECONOMIC ANALYSISECONOMIC CIRCUMSTANCESECONOMIC INTEGRATIONECONOMIC LAWECONOMIC PERFORMANCEECONOMIC POWERECONOMIC SECURITYECONOMICSEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKET ECONOMIESEMERGING-MARKETEMISSION REDUCTIONSEMISSIONSEMISSIONS TARGETSENFORCEMENT MECHANISMENFORCEMENT MECHANISMSENFORCEMENT PROCESSENVIRONMENTALENVIRONMENTAL ISSUESENVIRONMENTAL POLICIESENVIRONMENTAL PROTECTIONENVIRONMENTAL STANDARDSEQUILIBRIUMEXCESS DEMANDEXCESS LIQUIDITYEXCESS SUPPLYEXCHANGE RATEEXCHANGE RATESEXPLOITATIONEXPORT BARRIERSEXPORT MARKETSEXPORTERSEXPORTSFINANCIAL ASSISTANCEFINANCIAL CRISESFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL OPENNESSFINANCIAL REGULATIONFINANCIAL SECTORFINANCIAL SECTOR LIBERALIZATIONFINANCIAL SECURITYFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL SYSTEMFLOW OF CAPITALFOOD POLICY RESEARCHFOOD PRICEFOOD PRICESFOOD PRODUCTIONFOREIGN ASSETSFOREIGN COMPETITIONFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN FINANCIAL INSTITUTIONSFOREIGN GOVERNMENTSFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN MARKETSGDPGLOBAL ECONOMIC LANDSCAPEGLOBALIZATIONGOVERNMENT ACTIONGOVERNMENT BONDSGROSS DOMESTIC PRODUCTHOLDINGHOLDINGSIMMUNITYIMPORT BARRIERSIMPORTSINCOMEINCOME SOURCEINDUSTRIAL COUNTRIESINDUSTRIAL COUNTRYINFLATIONINFORMATION TECHNOLOGYINSTRUMENTINSURANCEINTELLECTUAL PROPERTYINTEREST RATESINTERNATIONAL BANKINTERNATIONAL COOPERATIONINTERNATIONAL ECONOMICSINTERNATIONAL SETTLEMENTSINVESTMENT BARRIERSINVESTMENT FLOWSINVESTMENT FUNDSJURISDICTIONJURISDICTIONSLDCSLEGISLATIONLIBERALIZATIONLOW INCOMEMARKET ACCESSMARKET MECHANISMMETALSMIDDLE EASTERNMONETARY FUNDMULTILATERAL TRADENATIONAL SECURITYNATURAL RESOURCESOILOIL PRICEOIL PRICESOIL RESOURCESOPECOPEN MARKETSOUTPUTPARTICULAR COUNTRIESPERVERSE INCENTIVESPOLICY INSTRUMENTSPOLICY RESPONSESPOLITICAL ECONOMYPORTFOLIOPORTFOLIO ALLOCATIONSPREFERENTIAL ACCESSPRICE BANDSPRICE FIXINGPRICE INCREASESPRIVATE EQUITYPRIVATIZATIONPRODUCERSPRODUCTIVITYPRODUCTIVITY GROWTHPRODUCTIVITY INCREASESPROSPERITYPROTECTIONISMQUOTASRECESSIONREGIONAL INTEGRATIONREGIONAL TRADEREGULATORSRESPONSIBILITIESRETIREMENTRETURNRETURNSSAFETY NETSSALESSAVINGSSECURITY CONCERNSSETTLEMENTSETTLEMENT SYSTEMSHARE OF PROFITSSKILLED WORKERSSUPPLY CURVETAXTAX CREDITTELECOMMUNICATIONSTRADE BARRIERSTRADE DISPUTESTRADE DIVERSIONTRADE LIBERALIZATIONTRADE NEGOTIATIONSTRADE POLICIESTRADE POLICYTRADE TAXTRADINGTRADING SYSTEMTREASURYUNDERVALUATIONURUGUAY ROUNDVALUABLEWAGESWEALTHWORLD DEVELOPMENT INDICATORSWORLD ECONOMYWORLD MARKETSWORLD TRADEWORLD TRADE ORGANIZATIONWORTHWTOWorld Bank10.1596/1813-9450-4735