... (The Dillon Round in 1960-1961 & The Kennedy Round in 1962-1967) the merchandise trade of industrial countries grew from 1950 through 1975 at an average rate of 8% a year. After 1967, although the total value of the world trade continued to expand, structural changes led to domestic political challenges to international management of trade to new forms of protectionism. The following are examples of changes leading to economic protectionism; the result of these structural changes, in the global trading economy was a surge in protectionist policies in developed countries. The following examples show how the WTO tried to overcome problems posed by various forms of protectionism: * The shift to floating exchange rates and the consequent unpredictable behaviour of the states led to measures designed to protect payments balances such as exchange controls and special duties. Also it complicated the process of trade negotiations (difficult to estimate the impact of ...

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