I am excited to learn that Jagdish Bhagwati is working on a new book:

I am actually halfway through writing a small book titled Termites in the Trading System: How Preferential Trade Agreements are Undermining Multilateral Free Trade. It will advance many other ways in which the proliferation of PTAs is undermining multilateralism in trade.

I hope that he also invests considerable time in suggesting politically feasible solutions to clean up the spaghetti bowl. Regionalism is here to stay, and we need to do more than merely bemoan MFN’s erosion.

[HT: PSD]