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This paper contributes to analysis of the extent to which multilateral trading agreements reached under GATT can liberalize the world economy. Its main conclusion is that free trade is not sustainable if production is fixed exogenously and utility is non-transferable. If production is fixed and utility is transferable, free trade is possible but is not necessary for maximization of welfare. • JEL Classifications: F12, F13, F15 •doi:10.11130/jei.2002.17.4.811 fatcat:jgqkq24s4jfovfqfvzl626b67y