Status Quo Bias and the Difficulty of Reforming the International Economic Law System

“The more things stay the same, the harder they are to change.” Today, there are thousands of treaties that address problems with the international investment system dating back to the end of the colonial era. Meanwhile, anti-dumping laws purport to address “unfair” pricing for imports already deterred by anti-trust laws. There also remains the Export-Import Bank, established in 1934, which has been declared to serve no necessary domestic policy purpose. These and other obsolete trade policies are propped by vested interests and entrenched by their worldwide reach. Rather than elongating issues, let us seize the opportunity to propose multilateral reforms that will advance prosperity. Read more: