Introduction

The 1960s, and to a lesser degree the 1970s, were generally perceived as a successful period for the General Agreement on Tariffs and Trade (GATT). There is no question that it greatly contributed to the expansion of world trade and hence to peace and prosperity. The limits of GATT, a remnant of what had been envisioned as something called the International Trade Organization, were less obvious as long as US leadership remained strong. Looking back, one can say that by and large the period of US hegemony benefited the GATT. American pressure for free trade became weaker the more the United States turned out to be a relative loser in the wake of trade liberalization. The European Community has turned sharply inward, seemingly preoccupied with the overriding idea of bringing about its single market. Outsiders fear the emergence of a "Fortress Europe.".