ABSTRACT
The opening line of Charles Dickens’ great novel, A Tale of Two Cities, that ‘it was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity …’ might well have been written about the global trading system in 2006. It is the best of times, as international trade is robust, many countries are opening their economies to trade and foreign investment, and it is now a commonplace that countries, companies and individuals are destined to compete in markets that span the globe. And yet it is also the worst of times, as multilateral trade negotiations have seemingly collapsed, a growing welter of regional and bilateral trade agreements are bypassing the central GATT rules banning non-discrimination in trade, and interest groups, academics and the press are broadly engaged in vitriolic attacks on trade.
