ABSTRACT

This chapter returns to assess some of the dierent theoretical views on world trade. Only some approaches that have been outlined in previous chapters will be discussed here depending on their relevance to the contemporary trade structure and contemporary discussions of it. The initial sections of this chapter should thus be read while keeping in mind the discussions of theoretical approaches in Chapters 1, 2 and 3. The development of the global trade system after 1945 is surveyed and particular attention is paid to the multilateral management of this system and its successes and failures, as well as key issues of debate. Pertinent issues in world trade are discussed, including the position of developing countries, the role of MNCs and the ‘free trade versus fair trade’ debate.