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Purpose – New genetically modified (GM) crops are novel but risky interventions, offering a variety of potential benefits but also the possibility of serious unintended consequences. I address the regulatory framework for GM crops, seeking protection from disproportionate risks without unduly stifling innovation.

Approach – Conditions that may justify precautionary interventions are identified, and an idealized regulatory protocol (screening, pre-release testing, and post-release surveillance, STS) is developed to provide protection, encourage research and learning, and focus-in quickly on the cases that pose serious threats of harm. This protocol is adapted to the case of GM crops, and compared with current regulatory practice in the United States, the EU, and Canada, as well as international agreements exemplified by the Cartagena Protocol on Biosafety. Two real-world cases are considered, Starlink® corn and Roundup-Ready® canola, and some speculations are offered as to how the stylized protocol might have handled them.

Findings for policy – Pre-release, US regulatory practice is more fragmented and incomplete than the stylized protocol; EU practice is more systematic and streamlined, but some critics perceive over-regulation; and Canadian regulatory practice is more consistent with the protocol. Only the EU performs systematic post-release surveillance. International agreements have various weaknesses, beginning with fragmentation: for example, food safety and biosafety are regulated separately.

Implications for further research – Embracing the STS framework opens a broad new avenue of research about to how the mix of pre-release testing and post-release surveillance might be streamlined to provide adequate protection while reducing further the costs and delays entailed.

The paper analyzes the impact of the global financial crisis on capital flows, financial markets and economic activity in Asia and attempts to explain why Asian markets were hit hard despite relatively strong fundamentals, and why the subsequent recovery was relatively quick. The openness of a country to trade and finance and the degree of integration into international financial markets are shown to be important determinants of the swings in economic activity and capital flows during both the reversal and recovery phases. It also discusses the role played by macroeconomic and financial policies in the recovery and concludes with some lessons from Asia's experience.

Purpose – The chapter provides a comprehensive review of trade-related regulations of genetically modified (GM) food, identifies their main effects, and analyzes the main motivations behind their support.

Methodology/approach – The analysis is substantiated by (a) results from the literature on GM food regulations and (b) comparative statics results from a simplified three-country partial equilibrium welfare and political economic model.

Findings – The analysis shows that in a non-GM producing country, trade-related regulations will benefit producers, but not necessarily consumers. Producers' support is found to be instrumental to push for a ban, for information requirements on shipments, or for mandatory labeling of GM food products. Outside pressure groups will play the role of swing voters in cases where consumers and producers do not agree.

Research limitations/implications – The analytical model is based on simplifying assumptions on the groups and market effects of each regulation. Future research is needed to empirically validate some of the main results.

Originality/value of the chapter – The goal of the chapter is to inform economic and policy researchers on the effects of GM food trade-related regulations. The chapter provides an updated comprehensive overview of the key trade regulations of GM food. It uses a unique model to derive the main welfare effects of GM food regulations. By comparing the effects of GM food regulations in different types of countries for different pressure groups, the findings provide new insights in this area.

Globalization has affected science inevitably with a motto of ‘Knowledge conquers the mind’. However, global efforts and harmonization are needed and are established through international rules, laws, norms and standards. The potentially positive and negative results of globalization have altered the production relations and complicated the demographic scale.