Fiddling while GATT Burns

Abstract

I have never faltered, and I will never falter, in my belief that enduring peace and the welfare of nations are indissolubly connected with friendliness, fairness, equality and the maximum practicable degree of freedom in international trade. — Cordell Hull, Economic Barriers to Peace (1937).

The views expressed in the article are those of the author and do not necessarily reflect those of the Staff or Council of the Trade Policy Research Centre. A version of this essay first appeared in the March 1986 issue of The World Economy (Blackwell).

For those unfamiliar with Roman history, the title refers to an apocryphal story of the Emperor Nero fiddling while the city of Rome burned. It may be suggested that, given the realities of prevailing technology, the Emperor could not do much about the blaze. It is hoped that, despite contemporary political ‘realities’, the same is not true for those currently in charge of trade policy.