Rules-Oriented Trade Policy

Rules-Oriented Trade Policy and International Trade Economy

In relation to international trade economy, Christopher Mark (1993) provided the following definition of Rules-Oriented Trade Policy: An idealized approach to trade policy under which governments establish a set of rules for the conduct of international trade competition — as, for example, under the GATT –and let the market determine the outcome with minimal interference. In practice, some intervention by governments inevitably occurs, raising the question of whether this laissez-faireapproach should be made to work better or, as suggested by advocates of managed trade, should be abandoned.