ABSTRACT
The recent bout of globalization has brought about fundamental changes in the nature of international trade. One of the most prominent changes is the integration of world markets. Although neither the extent nor the impact of the globalization is symmetric across countries, the integration of world markets proceeds in all parts of the world through the “free-markets, free-trade, laissez-faire” mechanism, in general, and under the WTO framework, in particular (Yotopoulos, Chapter 1).
