Magazine content is available exclusively for TIME subscribers.Beware of The Three-Way Split
IN THE NEW WORLD ORDER, THE TENSION BETWEEN LIBeral and protectionist trade policies will matter as much as the struggle between capitalism and communism during the cold war. That's why GATT is an acronym worth understanding and a process worth rescuing.
The General Agreement on Tariffs and Trade is actually not one agreement but many. It's an accretion of rules and deals aimed at chipping away the barriers that impede the worldwide import-export business. GATT has been unfolding since 1947 in stages, or "rounds." The latest, which began in Uruguay in 1986, has been stalled for a year and a half....
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