Value and Exchange in Multilateral Trade Lawmaking

Abstract

The multilateral trading system privileges a perspective in which trade policies are appraised primarily in terms of their exchange value — their capacity to be exchanged for modifications in other countries’ trade policies — rather than their use value — their utility for the country that has adopted them. The article traces the marginalisation of use value in multilateral trade lawmaking and explores the ramifications of treating trade policies themselves as tradable commodities.

Keywords: GATT, WTO, International lawmaking, Reciprocity, Commodification