Introduction

The history of the World Trade Organization ("WTO") is one of a quest for the maximization of economic benefits at the least possible cost in terms of international institutionalization and the loss of sovereignty by Member States. Obvious considerations of instrument choice by sovereign states serve to explain state avoidance of international institutionalization. Such considerations were apparent in the negotiations surrounding the International Trade Organization ("ITO"), and were clearly central to its ultimate failure.[1] These considerations also help explain the relative ...