Unfinished Tasks The New International Trade Theory and the Post-Uruguay Round Challenges

The next few years will be a critical period for international trade despite the major achievements in 1993. The Uruguay Round agreement, between 117 General Agreement on Tariffs and Trade (GATT) signatory nations, was reached in December 1993. It contains many new provisions that move toward harmonizing world trading and investment relationships. Yet many of the Uruguay Round's initial goals were not accomplished. This study seeks to illuminate the still unresolved issues of world trade. Its point of departure is the observation that economic theories concerning international trade have outrun world trading policies. Topics covered are: setting the stage; evolution and revolution in economic theory; features of the new international trade theory; the role of strategy; trade-enhancing national strategies; and, policy implications and future prospects.