After an exploration of the experience gained by former central and eastern European countries in the General Agreement on Tariffs and Trade, Peter Naray gives an analysis of the Russian economic and social crisis and comes to the conclusion that this crisis is responsible for the delay of Russia's accession to the World Trade Organization (WTO). The author criticizes the approach taken in Russian reforms because the country's historical legacy (weak legal system, underdeveloped political and economic institutions etc.) was neglected. The book describes the steps made by Russia towards WTO membership underlining the present and expected difficulties. It warns against a fundamentalist approach by the members of the WTO which may result in Russia's isolation in political and economic matters which would represent a danger to the whole world.

PETER NARAY, Lawyer/Economist and specialist in economic transition has been Hungary's Ambassador and permanent representative to the Untied Nations and other international organizations. Between 1988 and 1995 he was counsellor in the GATT/WTO Secretariat and was previously an Official of the Hungarian Ministry of Foreign Trade and a Trade Diplomat in Geneva.