The Next Generation of World Trade Policy Development

Abstract

Over the past 50 years, Europe and North America have worked together to dismantle trade and investment barriers, and have reaped the benefits of extraordinary economic growth, prosperity, and peace. The ultimate testament to the success of these policies has come from the countries to the East and to the South. These countries have decided to abandon their communist and socialist dogmas, and their opposition to open, market-oriented economic policies. This has brought about an end to both the Cold War with the East and the Cold Peace with the South. For the first time in world history it now seems possible to unite the countries of the Earth under truly global economic institutions, founded on principles of economic freedom. And while democracy has not triumphed everywhere, it is more widespread today than ever before.