The sudden shock of the fivefold increase of the price of oil in the autumn of 1973 has been reflected since in the world trade by structural changes in its composition by categories of goods and its regional distribution. How has the international trade coped with this shock, and which more...

The goal of phasing out, and ultimately eliminating, the differential treatment in trade presently accorded to developing countries was incorporated into the GATT during the Tokyo Round. What are the arguments in favour of this process of “graduation” and what would be its disadvantages?...