ABSTRACT
This chapter focuses on the weaknesses and discontents of liberalization. It proposes a solution, already implemented by banks and financial markets: the transformation from free to fair trade and a shift from a rule-based to principle-based regime. Beyond the misjudging of social problems, World Trade Organization (WTO) liberalization processes pay little attention to the relationship between free trade, monetary rules and foreign currency regimes. The International Monetary Fund (IMF) states that it is not enough to sign a treaty to guarantee growth and development, but that the domestic institutions should adapt themselves according to the rules of the treaty. The Chinese exchange rate policy proved to be effective with respect to the final goal, the working of the export-led model in China. The huge surplus in the Chinese current account balance would remain, because of increasing exports and imports of similar figures. An important example of economic integration evident in Asia is the Association of Southeast Asian Nations (ASEAN).
