ABSTRACT

In the immediate post-war period “the developed world” and “the North Atlantic region” were virtually synonymous terms. In Western Europe and North America were concentrated the nations whose wealth and power gave them special responsibility for world order and prosperity. Inter-regional integration has gone too far for the world to be compartmentalised into regions pursuing their exclusive integration. On the other hand disparities between regions are too great for integration to be pursued on a unified global front. The Japanese have become well aware of the positive benefits that participation in a free trade programme would confer on their country. They are aware as well of the dangers to their prosperity and security that such an initiative might avert. Broadly the Commonwealth has been interested all along in a liberal world economy.