Trade Truths for Turbulent Times

A Reply to Vladimir Masch

International trade has seen remarkable changes over recent decades. Transport costs have dropped, telecommunications have opened up trade in new sectors, and different countries have emerged as trading powers. The question raised by Vladimir Masch in an accompanying piece (see BusinessWeek.com, 2/14/07, "A Radical Plan to Manage Globalization") is whether these changes are so drastic as to require new trade restraints that would shake the foundations of the modern trading system.

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