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"The Political Economy of the World Trading System" is a comprehensive textbook account of the economics, institutional mechanics, and politics of the world trading system. The second edition has been expanded and updated to cover the period since the creation of the World Trade Organization in 1995, presenting the essentials of multilateral trade negotiations and the prevailing WTO rules and disciplines. The authors focus in particular on the WTO's role as the primary organization through which trading nations manage their commercial interactions and the focal point for policy responses to the rapidly changing global trading environment. It is the forum in which many features of the globalization process are considered, and it currently faces an unprecedented set of challenges. Civil society and developing country demands for greater accountability, access, and balance are discussed in some detail, since these will be critical for the operation of the system and for international business in the years to come. This edition also includes a new chapter and numerous real-world examples to illustrate how the WTO impinges on business, written from the perspective of managers and industry associations. An insider's view of the institutional history of the WTO allows the authors to use a variety of conceptual tools to analyse the negotiational workings of the WTO in a non-technical manner. Suggestions for Further Reading at the end of each chapter and an extensive current bibliography make the volume suitable for both introductory and postgraduate courses on international economics and business, international relations, and international economic law.