International trade flows are influenced, directly and indirectly, by a wide variety of economic policy measures. It is essential, therefore, to begin with a definition of trade policy. Professor Meade  chose to restrict the subject to ‘those policies which aim directly at controlling particular elements in the balance of payments’, which already neglects the indirect effects on international transactions of domestic tax and subsidy policies on non-traded goods and services. In this survey it is proposed to restrict the discussion even further and to concentrate on measures for regulating merchandise trade flows. The diversity of service transactions composing the ‘invisible’ accounts of the balance of payments prohibits a comprehensive examination, but in any case it would involve surveying a largely uncharted area.1
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