Re-embedding Liberalism: Introducing 'Passporting Fees' for Free Trade

World Trade and Investment Law Reimagined: A Progressive Agenda for An Inclusive Globalization (Alvaro Santos, Chantal Thomas, David Trubek, eds., Anthem Press 2019), pages 225-232 (ch 21).

13 Pages Posted: 10 Feb 2021

See all articles by Thomas Streinz

Thomas Streinz

European University Institute - Department of Law (LAW); European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS); NYU School of Law - Guarini Global Law & Tech

Date Written: November 15, 2018

Abstract

Trade liberalization has proceeded on the assumption that eventual aggregate welfare gains will exceed the losses. While compensatory mechanisms exist in most countries, they tend to be underfunded and ineffective. To begin to address this problem, the direct beneficiaries from trade liberalization need to pay more than they do now. This essay proposes to introduce “passporting fees” to generate more public revenue. Transnational business actors would be required to obtain a “free trade passport” to receive the excludable benefits that a free trade agreement provides. This would change the political economy of trade radically and allow for the creation and expansion of compensatory mechanisms necessary to re-embed economic liberalism in systems of social protection.

Keywords: globalization, passporting, trade, embedded liberalism, Ruggie, winners and losers, multinational corporations

JEL Classification: F02, F1, F13, F15, F23, F55, F60, K33, O24

Suggested Citation

Streinz, Thomas, Re-embedding Liberalism: Introducing 'Passporting Fees' for Free Trade (November 15, 2018). World Trade and Investment Law Reimagined: A Progressive Agenda for An Inclusive Globalization (Alvaro Santos, Chantal Thomas, David Trubek, eds., Anthem Press 2019), pages 225-232 (ch 21). , Available at SSRN: https://ssrn.com/abstract=3775554 or http://dx.doi.org/10.2139/ssrn.3775554

Thomas Streinz (Contact Author)

European University Institute - Department of Law (LAW) ( email )

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European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) ( email )

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NYU School of Law - Guarini Global Law & Tech ( email )

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