Crisis in the GATT System of International Trade
THE PREVIOUS chapter discussed the establishment and philosophy of the international economic order. In this chapter, the main events affecting the GATT since the early 1970s are reviewed, setting the scene for the analysis in the following three chapters.
KeywordsEurope Income Marketing Stake OECD
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Notes and References
- 1.Joint declarations by the United States and the European Community and by the United States and Japan were lodged with the GATT Secretariat on 9 and 10 February 1972 and other signatory countries to the GATT subsequently associated themselves with the tripartite initiative.Google Scholar
- 2.The negotiations were held up until the Congress of the United States afforded the Administration a negotiating authority, which it did in the Trade Act of 1974, and until the Council of Ministers of the European Community agreed negotiating directives for the Commission, which it did in February 1975.Google Scholar
- 4.For a lucid account, see Kent Jones, ‘Forgetfulness of Things Past: Europe and the Steel Cartel’, The World Economy, May 1979, pp. 139–54.Google Scholar
- Also see René Joliet, ‘Cartelisation, Dirigism and Crisis in the European Community’, The World Economy, January 1981, pp. 403–45.Google Scholar
- 5.‘Fifteenth Meeting of the Consultative Group of Eighteen’, GATT Press Release, No. 1291, 26 June 1981.Google Scholar
- 6.Address by Arthur Dunkel to the Ostasiatisches Liebesmahl, Hamburg, 5 March 1982. See GATT Press Release, No. 1312, 5 March 1982.Google Scholar
- 7.See, for example, ‘Fifteenth Meeting of the Consultative Group of Eighteen’, op. cit.Google Scholar
- 8.Ministerial Declaration’, GATT Press Release, No. 1328, reproduced in the Journal of World Trade Law, Geneva, January–February 1983, para. 7(i).Google Scholar
- 9.The extent to which the price mechanism has been impaired was stressed in International Trade 1982–83 (Geneva: GATT Secretariat, 1983) ch. 1.Google Scholar
- 10.This point has been emphasized in Brian Scott et al., Has the Cavalry Arrived? a Report on Trade Liberalisation and Economic Recovery, Special Report No. 6 (London: Trade Policy Research Centre, 1984) pp. 12–14.Google Scholar
- 11.On these issues, see Gary Banks and Tumlir, Economic Policy and the Adjustment Problem, Thames Essay No. 45 (Aldershot, New York and Sydney: Gower, for the Trade Policy Research Centre, 1986).Google Scholar