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This paper reviews the internal & external architecture of the World Trade Organization (WTO). The internal architecture relates to the rules of the General Agreement on Tariffs & Trade (GATT) & the Uruguay Round Agreements. The external architecture relates to the relationship between the WTO & other multilateral organizations. The present architecture is incoherent. The paper proposes that the architectural design should be based on the objective of full nondiscrimination, ie, free trade & national treatment without exception. There are gaps in the internal architecture that should be filled. The main consideration in the external architecture is the scope of the WTO rules relating to the environment, competition, & investment. Some principles for the design of external architecture are proposed. These indicate that the rules of the WTO might be extended to cover foreign direct investment, but not the environment & competition. 39 References. Adapted from the source document.

AbstractThis article examines the logic of the link between the ASEAN Free Trade Area (AFTA) and the Closer Economic Relations (CER) regional trading arrangements which was mooted by the Thai Prime Minister in 1993. AFTA and CER are the only two regional trading arrangements in the East Asia/West Pacific region and both are advancing to a high degree of regional integration. This article argues that there are undoubted gains to be had from an AFTA‐CER link by itself which includes reciprocal trade liberalisation as well as trade facilitation. Both groups of countries would benefit from freer trade between them and both have a lot to learn from the experiences of the other regional trading arrangement. However, this link will be redundant if the Bogor Declaration of the APEC is implemented after the Osaka meeting of APEC Leaders in November 1995. If, instead, multilateral trade liberalisation through the World Trade Organisation and APEC falters, an AFTA‐CER link becomes an important possibility.

AbstractThis article argues that there are underlying changes in the world economy due to growing integration of the national economies which are more profound than the events in particular commodity markets, and that our national economic policies should be significantly shaped by these changes. Integration is defined in terms of the convergence of prices on international markets. It is occurring in the markets for commodities, factors and technologies. The freeing of trade multilaterally and unilaterally and the formation of regional trading arrangements have all played a part in greater global integration.Global and regional integration have changed the nature of the international markets in which we trade and require corporations to change their production and marketing strategies. Governments have an increasingly important role in negotiating international and regional agreements and in providing an environment that allows the domestic producers to compete on international markets. There is, however, no need to change the unilateral trading policies of Australia.

AbstractThis article examines critically the present structure of regulation of the liquor industry in Victoria. This is a mixture of detailed regulation of liquor supply conditions through the licensing of outlets and of taxation and other regulation of consumption activities. It examines the justification for regulation in some form which derives from socially harmful consequences of alcohol consumption such as drink driving and nuisance actions. The present controls are seen to be largely ineffective because they are not targetted closely to the activities which cause social harm. Substantial changes to the licensing system and other policies are recommended.

This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory. The authoritative contributors have produced a well-considered and definitive selection including some from empirical research such as the Phillips curve, the Kuznets curve and the Lorenz curve. Almost all of them are still found in contemporary textbooks and research. Each entry presents an accurate and concise record of the history of the figure or diagram