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Some historians have argued that the failure may have resulted from fears within the American business community that the International Trade
Organization could be used to regulate, rather than liberate, big business (Lisa Wilkins, 1997; Helen Milner 1993).
Only one element of the ITO survived: the General Agreement on Tariffs and Trade (GATT). Seven rounds of negotiations occurred under GATT before the eighth round - the Uruguay Round - concluded in 1995 with the establishment of the WTO as the GATT's replacement. The GATT principles and agreements were adopted by the WTO, which was charged with administering and extending them...
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