When the General Agreement on Tariffs and Trade (GATT) was concluded in the late 1940s, there was hardly any mention of international transactions in services. At that time, the issue of international trade in services was of minor importance. In addition, attention was initially focused on...

On the basis of economic theory, what effects can globalisation be expected to have on trade and growth? Does the empirical evidence support this? What developments will the next phase of globalisation bring?