Traders in a Brave New World

The recently concluded Uruguay Round of the General Agreement on Tariffs and Trade (GATT) will undoubtedly lead to a fundamental transformation of the world trading system as an instrument of a global economy. This account of the Uruguay Round includes an examination of the historical context in which it took place, and an insider's assessment of the agreement's future impact on the international trading system. The author places the Uruguay Round in the broader context of global politics and economics, showing how changes in the world order - from the collapse of communism to dramatic economic reforms in developing countries - influenced both the topics of negotiations and their outcome. He then assesses the final GATT agreement as a case study in international negotiations and evaluates its probable effects on income and trade. Finally, the book looks to the short- and long-term issues confronting future trade-policy negotiators. The author shows that the international trade agenda will consist of three evolving types of agreement - further multilateral commitments, regional free-trade agreements, and selective bilateral accords. The final chapter evaluates the political and economic relationships that will result from the international trading system.