Abstract

Since 1947 the commercial system of the free-enterprise world has been governed by the General Agreement on Tariffs and Trade (GATT).1 Its principles and rules guided the restoration, in the 1950s and 1960s, of some semblance of order in the world economy, following the disorders of the 1930s and 1940s.2 These last were characterised by protectionist excesses which led, prior to World War II, to autarchic and discriminatory policies among the major trading nations.

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