The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can...

Dan Bavly takes a fresh look at how business is supervised and how that system can be improved. He begins by assessing the performance of the government regulator and suggests reasons for the failure to prevent many of the debacles of the recent past. New fiascoes often engender a spate of legislation, but the regulator remains the one who gets away--he is simply not accountable and does not shoulder the blame. Clearly, a new definition of regulator responsibility is required.

Drawing on his years of company board and auditing experience, Bavly analyzes why the average director cannot...