International institutions and market expectations: Stock price responses to the WTO ruling on the 2002 U.S. steel tariffs

Many scholars assert that international institutions have little power to enforce laws, punish offenders, or force compliance. Others stress that international institutions are important actors, specifically in the regulation of international trade. In this paper, I show that the recent trade dispute over U.S. steel protection provides us with a critical case to evaluate the role of the World Trade Organization in settling trade disputes and specifically stabilizing expectations of market actors over future steel policy. I argue that stock prices can serve as an important tool in answering these questions. In an empirical analysis using daily steel stock prices, I find that during the 2002 WTO steel case, the WTO dispute mechanism helped market actors stabilize expectations of future trade policy.

Chinese democracy: The lessons of failure

China's experiments with democracy in this century were few in number, short in duration, and limited in their democratic characteristics. Democratic institutions malfunctioned in numerous ways. Nine sets of causes for the failure of Chinese democracy can be suggested: ideology, internal and external war, military intervention, Chinese political culture, underdevelopment, a peasant mass, flaws in the design of Chinese constitutions, moral failures by democratic politicians, or the lack of transactional benefits for military‐based elites in the process of democratic transition. Each of these factors is reviewed critically with an eye to its possible lessons.     

Reviews

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An unusual shotgun injury pattern produced by an intermediate target

Discharge of a shotgun with a shotgun casing in its muzzle as a "dust cover" produced a pattern of injuries suggestive of combined intermediate- and distant-range wounds.     

Doctors under the knife

With Bill Clinton's new reforms only a month away, the health-care system is on the operating table--and the doctors are under the knife. Americans have a love-hate relationship with physicians: they like the care that doctors provide but hold them to blame for the nation's health-care mess. NEWSWEEK looks at how the culture of medicine may change, assesses doctors' fears--and examines the brave new world of HMOs.