In spite of all protestations and exhortations it is a fact that trade liberalization, the modern version of free trade, is caught in a crisis. Professor Detlef Lorenz is here analysing the causes of this crisis and suggesting alternatives for a future liberalization policy.

The first Conference of the Parties to the UN Framework Convention on Climate Change opened the path for a new policy instrument to mitigate anthropogenic climate change. It instituted a pilot phase for international emission offsets, "Joint Implementation", open for all signatories to the...