Misadventures of the Most Favored Nations : Clashing Egos, Inflated Ambitions, and the Great Shambles of the World Trade System

As a linchpin of global capitalism, the World Trade Organization is both revered and reviled. In this book, financial journalist Paul Blustein tells the surprisingly entertaining and compelling story of how the WTO is sliding into dysfunctionality -- which poses a new and grave menace to globalization itself. In more than seven years of global talks the WTO has struggled and failed to resolve contentious differences between rich and developing nations. Now, with a worldwide recession underway, the WTO's failure is contributing to a rise in protectionism -- a sign that the world may not be so flat after all. Misadventures of the Most Favored Nations recounts, in vivid detail, how the highstakes negotiations went awry. At risk, Blustein argues, is the fate of the system that for six decades has opened the global economy and kept it from splintering. Contents......Page 8 Author's Note and Acknowledgments......Page 10 1. Paging Mr. Black......Page 16 2. The Intergalactic Trade Organization......Page 32 3. The WTO and Its Discontents......Page 56 4. Clueless in Seattle......Page 72 5. "There Are Only A-Pluses"......Page 98 6. Removing the Stain......Page 124 7. The Uprising of the Rest......Page 146 8. Jewels and Pirates......Page 172 9. His Holiness, Pope Bob......Page 188 10. One Chicken McNugget......Page 214 11. When Peter Met Susan......Page 238 12. Even the Loopholes Have Got Loopholes......Page 262 13. Losing It......Page 276 14. If Only There Were a Better Way......Page 292 Notes......Page 312 A......Page 342 B......Page 343 C......Page 344 D......Page 345 E......Page 346 F......Page 347 G......Page 348 I......Page 349 K......Page 350 M......Page 351 N......Page 352 P......Page 353 S......Page 354 T......Page 355 W......Page 357 Z......Page 359

As a linchpin of global capitalism, the World Trade Organization is both revered and reviled. In this book, financial journalist Paul Blustein tells the surprisingly entertaining and compelling story of how the WTO is sliding into dysfunctionality—which poses a new and grave menace to globalization itself.

In more than seven years of global talks the WTO has struggled and failed to resolve contentious differences between rich and developing nations. Now, with a worldwide recession underway, the WTO’s failure is contributing to a rise in protectionism—a sign that the world may not be so flat after all. Misadventures of the Most Favored Nations recounts, in vivid detail, how the highstakes negotiations went awry. At risk, Blustein argues, is the fate of the system that for six decades has opened the global economy and kept it from splintering.

A Gerald Loeb-winning global economist identifies the human factors and political agendas that are negatively impacting the globalization movement, explaining what the author identifies as failures on the part of the WTO to resolve contentious differences between wealthy and developing nations.