ABSTRACT
This chapter discusses transition from an old world of trade to a new world of trade where trade opening has become a very different game. This transformation has major consequences which are likely – and hopefully – to impact the international trading system. Be it in terms of principles, policies, and even mandates, as illustrated, for instance, in the recent and turbulent beginning of the so-called Transatlantic Trade and Investment Partnership (TTIP). In the world of protection, global market capitalism could live without addressing the "values" issue. In the world of precaution this issue is becoming central. Jan Tumlir was living in the old world of trade. But he also highlighted the importance of this topic when he wrote in the 1960s "the problem of the international order is not an essentially international problem. The difficulty rather, is that virtually all the core countries are passing through a difficult crisis of democratic home governance".
