To compile the volume on the World Trade Organization, The Oxford Handbook series enlisted a team composed of an economist (Robert Stern), a historian (Martin Daunton), and a political scientist (Amrita Narlikar). They, in turn, drafted an all-star team of their peers as well as lawyers, practitioners, and members of the WTO staff. The result is a rich interdisciplinary volume that achieves its purpose of providing a holistic understanding of the WTO. Through 34 contributions organized into nine parts, the volume tackles the questions of how and why the multilateral trading system has succeeded to date and provides an analysis of the challenges ahead.

The volume is likely to appeal to readers on three levels. First, the volume explains how and why the multilateral trading system exists as it does in its current form. Second, the volume provides a comprehensive account of how the system operates. This includes explications of the legal rules and institutional dynamics of the WTO. It also includes accounts of the inner workings of states, interest groups, and NGOs. Third, the volume offers an analysis of the current stasis confronting the WTO and discusses the various challenges facing the regime. On all three levels, the volume does an admirable job of capturing the richness and complexity of the WTO system.

Part I provides a theoretical overview of why a multilateral regime is necessary. Baldwin (Chapter 1) provides a concise overview of the Bagwell–Staiger theory of terms-of-trade externalities. Daunton (Chapter 2) then raises the importance of considering trade policy in conjunction with exchange rate, capital control, and domestic monetary policies. While the WTO is concerned foremost with trade, policy trade-offs between these four different interests have affected the regime's evolution. He demonstrates how these policy trade-offs are not simply historical artifacts but ones that remain highly relevant today in light of the Great Recession and subsequent quantitative easing. Goldstein (Chapter 3) expands on the domestic constraints on trade policy, explaining why historically interest groups supportive of greater trade liberalization have managed to triumph.

Part II continues this narrative, but approaches it from a more historical angle. Toye (Chapter 4) discusses the failed efforts to forge an International Trade Organization following the Bretton Woods conference leading to the rise of the GATT. It is interesting to entertain Toye's counterfactual of how the trade regime might have evolved had the ITO effort succeeded. Toye reminds us that the Havana Charter would have allowed disputes to be referred to the International Court of Justice, whose judgment would encompass binding recommendations. Would a stronger ITO system have produced ‘a more inclusive, productive, orderly, and just world economy than that which in fact emerged’ as Toye imagines? Or would it have collapsed or succumbed to power politics eventually? The questions of gradual evolution and forging rules with a smaller cohort of countries remain as relevant today as they did in the late 1940s. Zeiler (Chapter 5) discusses the history of the first seven rounds, while Preeg (Chapter 6) focuses on the Uruguay Round. This culminates in the creation of the World Trade Organization in 1995.

The volume then shifts to explaining how the WTO operates. Rather than providing a strict formalist account, the volume instead seeks to capture the practical realities that underlie the system. Part III is aptly titled the ‘Process behind the Workings of the WTO’. Part IV focuses on agency issues; Part V on legal substance; and Part VI on enforcement. Through a series of interwoven chapters, they offer a rich overview of the legal, institutional, and geopolitical dimensions of the present regime. Collectively, these chapters equip readers with analytical frameworks to form their own judgment of why, despite the WTO's many shortcomings, it continues to work effectively.

The Handbook's aim is to discuss issues holistically, with the authors of each chapter drawing on the political, legal, and historical dimensions as necessary. In the WTO era, law comes to play an increasingly important role. Its scope has expanded to govern a broad array of government policies. What began as rules concerning tariffs now also touches on non-tariff barriers and behind-the-border regulations. Understanding this set of complex legal rules is becoming more difficult for non-specialists. The volume seeks to boil down the essential elements of these rules across several chapters which discuss the rules' origins and analyze the strengths and shortcomings.

Jansen (Chapter 8) discusses how the GATT/WTO mandate has grown over time from simply ensuring non-discrimination to addressing issues of transparency and regulatory harmonization. She also discusses the interactions between the WTO and other regulatory regimes. Howse (Chapter 20) dives further into the specific legal rules governing regulatory measures as spelled out in the GATT, GATS, TBT, and SPS Agreements. He draws attention to a fundamental question of what ought to be the relationship between the WTO and behind-the-border regulations set by sovereigns. For an unelected set of international bureaucrats and adjudicators to invalidate regulations set by a democratic polity poses certain risks. Howse suggests a number of steps that the WTO can take to mitigate concerns about its democratic deficit.

A series of other chapters analyze the substance of the legal rules that apply for various issue areas beyond domestic regulatory measures. Coskeran, Kim, and Narlikar (Chapter 16) examine manufactured and agricultural goods; Adlung (Chapter 17) addresses trade in services; Maskus (Chapter 18) discusses intellectual property (‘IP’) rights; and Finger (Chapter 19) analyzes trade remedies. Collectively, these chapters remind us of how important it is to understand the specific historical underpinnings of each WTO agreement. Finger, for example, points out how one cannot seek to understand the rationale for the rules through the lens of legal or economic theory. But once one is willing to set theory aside and consider the simpler question of what is needed to make the system work, the rules make more sense. From a theoretical point of view, the rules governing trade remedies are ‘an embarrassment’, but Finger ultimately concludes that they nonetheless ‘serve the WTO system well’.

Overall, the volume suggests that the regime has thrived in part because negotiators in past rounds have been pragmatic. Often, they have simply set aside contentious issues and harvested whatever agreement could be achieved. The flip side of this, of course, is that a large series of issues remain unresolved. Coskeran, Kim, and Narlikar draw our attention to persistent problems in agricultural negotiations and their linkages with the non-agricultural market access (NAMA) negotiation issues. Maskus highlights questions over intellectual property rights, including the core controversy over what steps ought to taken given that many of the anticipated gains associated with higher IP protection remain unrealized for developing countries. Adlung notes how the system has failed to provide clarification for concepts and definitions encompassed within the GATS.

Another reason for the regime's effectiveness to date is its success in addressing the enforcement challenges that paralyze many other international institutions. Part VI highlights the broad array of enforcement-related instruments at the regime's disposal. Laird and Valdes (Chapter 21) focus on the collective evaluation process of the Trade Policy Review Mechanism. The ‘crown jewel’ of the system, though, is the WTO's Dispute Settlement Body. Several chapters are devoted to examining the judiciary's inner workings and its shortcomings. Bernauer, Elsig, and Pauwelyn (Chapter 22) provide a nice summary of the important areas of ongoing and remaining research on WTO dispute settlement. Matsushita (Chapter 23), a former member of the Appellate Body (AB), highlights the major jurisprudential principles established by the AB, discusses criticisms of the AB's actions, and suggests potential avenues for enhancing feedback for the AB.

Shaffer and Trachtman (Chapter 24) highlight the alternative interpretative choices available to WTO adjudicators when analyzing ambiguous treaty text. These choices carry distributive consequences, and they also affect the efficiency and legitimacy of the institution itself. Not surprisingly then, an individual's interpretative approach has been a key factor when states evaluate AB nominees – just as is true when considering domestic judicial nominees. Indeed, if there are fault lines within the WTO's judiciary, they may rest more on differences in interpretative approach rather than in ideology. Ultimately, though, it is the defendant itself that decides whether to comply with the institution's rulings. Sykes (Chapter 25) provides an excellent account of how the system allows for efficient breaches and for states to adjust the bargain over time. This dimension is critical for understanding why states buy into the WTO's judicial system – its goal is not to ensure outright compliance with the law but instead to facilitate ‘efficient’ compliance.

Beyond the legal dimension, the volume also sheds light on the inner workings of the institution itself. Blackhurst (Chapter 7) discusses the important role played by the Director-General and the WTO Secretariat in managing the system. From shining a spotlight on systemic risks to providing legal analysis for cases, the influence of the WTO staff is well-known to the system's insiders. However, Blackhurst notes an inherent conflict in what individuals have come to expect of the institution. Drawing on his own personal experience, he notes that we cannot simultaneously have the Secretariat to act as both the ‘guardian of the system’ and as an ‘honest broker’ to resolve contentious issues. Its credibility as a guardian is contingent on its avoidance of taking a stance on issues over which WTO member states are divided. But this stance, in turn, limits the Secretariat's ability to broker a solution to the existing negotiating deadlock. Consequently, he argues that we ought not waste our energies on seeking to strengthen or increase the independence of the WTO's ‘executive branch’. Not only is it unlikely to occur, but moreover, it is by no means clear that the WTO would benefit significantly even if such a change took place.

Ultimately, then, as the WTO repeatedly reminds us, it is a ‘member-driven’ institution. It cannot forge ahead if its members are in disagreement. This means that, in order to understand how and why the WTO works, we must understand the motivations of states within the system. Four chapters in Part IV do so explicitly. Historically, the system has forged ahead because of strong leadership from the US and other members of the historical ‘Quad’ countries (the EU, Japan, and Canada). While this has led to critics chastising the WTO as representing a collection of rich country interests, the Quad provided momentum to push rounds forward. That era, as we all know, has ended. Allee (Chapter 11) argues that shifts in US ideology, domestic policy institutions and instruments, and relative power have all contributed to waning US commitment toward taking active leadership in driving the WTO's trade liberalization agenda. Messerlin (Chapter 10) suggests that the EU will not step up to fill this void; its role has been to serve as an influencer, rather than outright leader, of the system. Moreover, the EU's influence is uneven across issue areas.

Nor are the emerging powers prepared to shoulder this responsibility. Vickers (Chapter 12) analyzes the implications of the rise of China, India, and Brazil for the trade regime's dynamics. While on the surface their entrance into the ‘new’ Green Room may appear to be positive for championing development-related goals, Vickers draws attention to the fact that these countries have not been able to coalesce around a coherent agenda. Each continues to press their own interests, making it difficult for grand bargains between rising and established powers to be achieved. Left on the sidelines then are the smaller developing countries and the LDCs that were supposed to be the key beneficiaries of the Doha Round. Priyadarshi and Rahman (Chapter 13) discuss how least developed countries (LDCs) are more active within the regime, but note that they continue to face formidable challenges.

Without clear leadership from states willing to step up to drive the agenda, coalitions take on an increasingly important role. Narlikar (Chapter 9) discusses the many coalitions at work at the WTO today and how they operate. The rise of coalitions is giving voice to what Narlikar terms the ‘marginalized many’. But the increasingly heterogeneous voices around the negotiating table also make it more difficult to reach consensus. In addition, NGOs, corporate actors, and organized labor continue to press to be heard. However, McGuire (Chapter 15) points out that the interests of business and labor have shifted, causing both groups to be less committed to press their agendas through the WTO. Steffek (Chapter 14) meanwhile highlights the role that NGOs can play to impact WTO policymaking but cautions that their effectiveness is reliant on broader support from civil society. Not all trade policies, per se, are able to elicit such emotion.

The picture painted by Parts III to VI is of an international organization that has deftly managed to navigate its path forward toward creating a stable, rules-governed trade regime. That achievement is not at threat. But what remains uncertain is whether the organization is capable of driving this mission further. The third level at which The Oxford Handbook may engage readers is in contemplating the questions of challenges confronting the system and the need for institutional reform. If there is one area where the volume falls a bit short, it is at this third level.

A series of chapters in Part VII discuss the various challenges to the system: Elsig and Dupont use game theory to spotlight various negotiating deadlocks in the Doha Round (Chapter 26); Cottier discusses the role played by domestic courts in implementation (Chapter 27); Baldwin (Chapter 28) explains the rising appeal of turning to preferential trade agreements; and Josling (Chapter 29) draws our attention to emergent issues concerning food, agriculture, and natural resources. Part VIII then recounts various normative critiques about fairness, human dignity, and the system's ability to address environmental concerns. For readers who are unfamiliar with these debates, these chapters will offer valuable analytical tools. In closing, Hoekman (Chapter 33) offers a concise analysis of the different reform proposals floated and how they map on to existing concerns, while Bernstein and Hannah (Chapter 34) examine how the WTO can better coordinate with other global governance regimes to produce more coherent policies.

It is difficult to fault a volume this long and comprehensive for any gaps in coverage. Yet, it is interesting to note what the editors did not choose to highlight explicitly as challenges confronting the WTO today. Little mention is made of digital economy issues, exchange rate concerns, treatment of state-owned enterprises, etc. that the so-called ‘twenty-first century gold-standard’ preferential trade agreements are seeking to tackle because the WTO negotiations are not. Nor are there chapters that directly address the impact of the rise of global value chains or demographic shifts on the political economy of trade within key countries. Yet, it is difficult to contemplate how the WTO can remain the premiere institution for trade governance in the twenty-first century without finding ways to tackle these emergent issues.

Moreover, for a volume with a strong political economy orientation, one sometimes wishes for even more in-depth coverage of certain topics. For example, the editors emphasize the role of coalitions, but the chapters do not provide a detailed discussion of the internal forces shaping trade policy within powerful coalition countries, such as China. This makes it hard for us to understand the domestic forces and constraints that affect these countries' attitudes toward coalitions generally or toward particular issues. Without an understanding of such constraints, it is difficult for readers to evaluate for themselves the reform proposals noted. Similarly, US trade policy is examined through the lens of different interest groups, but a richer discussion could be had of the uneven distribution of economic gains from trade since the 1980s and its impact on waning public support for free trade. Whether the economic patterns of globalization are themselves the root of the problem or whether the fault lies with the distributional policies implemented behind the border is an important question that the volume never directly confronts.

Still, these are minor quibbles with what is overall an excellent volume. The Oxford Handbook's editors have thoughtfully woven together a series of rich contributions to craft one of the best collections of essays on the WTO today. They should be lauded for their valiant efforts to provide an interdisciplinary account of the WTO as a global institution. The Handbook's various chapters, I suspect, will be examined by scholars and practitioners in the years to come as they seek to find a path forward for the WTO.