Maybe the sky is falling. What a pleasure to be able to agree with Clyde Prestowitz … for once. The self described trade ‘hawk’ of the Reagan administration recommends”>http://yaleglobal.yale.edu/display.article?id=2472”>recommends that the US and EU unilaterally dismantle their agricultural export and production subsidies in order to resuscitate the credibility of the WTO trading system.
” Such a move is essential at this moment not only as a matter of providing a badly needed boost to developing countries, but also because the failure of talks last week (September 14) poses a serious threat to the continued viability of the WTO and the main hope of generating the economic growth necessary to lift developing countries out of poverty. Without immediate and dramatic action, the trend toward bilateral and regional trade agreements is likely to accelerate. ”
He’s absolutely on the mark.