![Media Name: Winter 1991_0.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/regulation/Winter%201991_0.jpg?itok=aPBJ-5eC) 

# Winter 1991 

Vol. 14 No. 1 

[Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) 

##### Features 

#### [The Uraguay Round: High Hopes, Hard Realities, and Unfinished Business ](/regulation/winter-1991/uraguay-round-high-hopes-hard-realities-unfinished-business)

By Philip H. Trezise 

#### [Europe 1992: Status and Prospects ](/regulation/winter-1991/europe-1992-status-prospects)

By Claude E. Barfield 

#### [Velvet Fist in an Iron Glove: The Omnibus Trade and Competitiveness Act of 1988 ](/regulation/winter-1991/velvet-fist-iron-glove-omnibus-trade-competitiveness-act-1988)

By Ronald A. Cass 

#### [Lessons from the Canada‑U.S. Free Trade Agreement: Mexico, Other Regional Agreements, and the GATT System ](/regulation/winter-1991/lessons-canada-us-free-trade-agreement-mexico-other-regional-agreements-gatt)

By Peter Morici 

#### [Deregulating Book Imports ](/regulation/winter-1991/deregulating-book-imports)

By J. Hayden Boyd 

#### [Joint Ventures, Strategic Alliances, and Collaboration in Telecommunications ](/regulation/winter-1991/joint-ventures-strategic-alliances-collaboration-telecommunications)

By Jerry A. Hausman 

##### Letters 

##### [Perils of an Oil “Windfall Profit Tax” ](/regulation/winter-1991/perils-oil-windfall-profit-tax)

##### [Revisiting the Sherman Act ](/regulation/winter-1991/revisiting-sherman-act)

##### [Raising a Credible Threat ](/regulation/winter-1991/raising-credible-threat)

##### [In Praise of Smoke Screens ](/regulation/winter-1991/praise-smoke-screens)

##### [Laissez Fares! ](/regulation/winter-1991/laissez-fares)

##### [Averting Airline Reregulation ](/regulation/winter-1991/averting-airline-reregulation)

##### [Congressional Hypocrisy ](/regulation/winter-1991/congressional-hypocrisy)

##### Currents 

##### [Up from the Ashes of the Uruguay Round ](/regulation/winter-1991/ashes-uruguay-round)

##### [What Do We Know about Energy Security? ](/regulation/winter-1991/what-do-we-know-about-energy-security)

##### [Price-Cap Reform of Telecommunications Regulation: “A Penny Saved … ” ](/regulation/winter-1991/price-cap-reform-telecommunications-regulation-penny-saved)

##### [Seidman’s Imperialism? ](/regulation/winter-1991/seidmans-imperialism)

##### [Deposit Insurance: How Much Can We Afford? ](/regulation/winter-1991/deposit-insurance-how-much-can-we-afford)

##### [The Collapse of Drexel Burnham Lambert: Lessons for the Bank Regulators ](/regulation/winter-1991/collapse-drexel-burnham-lambert-lessons-bank-regulators)

##### [Self-Flagellation among the Capitalists ](/regulation/winter-1991/self-flagellation-among-capitalists)

##### [The Ivory Import Ban ](/regulation/winter-1991/ivory-import-ban)

##### [Competing Perspectives on Taxes and the Environment ](/regulation/winter-1991/competing-perspectives-taxes-environment)

##### Readings 

##### [Probing Banking’s Black Hole ](/regulation/winter-1991/probing-bankings-black-hole)

##### [Toward Efficiency in Antitrust ](/regulation/winter-1991/toward-efficiency-antitrust)

##### [Loosening the Grip of the ICC ](/regulation/winter-1991/loosening-grip-icc)

##### Latest Issues 

[![Regulation - Fall 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-09/regulation-fall-2026-cover.jpg?itok=4PdTh8RK)](https://www.cato.org/regulation/fall-2026) 

[Fall 2026](/regulation/fall-2026)

[![Regulation - Summer 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-06/regulation-summer-2026-cover.jpg?itok=mgR9E73X)](https://www.cato.org/regulation/summer-2026) 

[Summer 2026](/regulation/summer-2026)

[![Regulation - Spring 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-03/regulation-spring-2026-cover.png?itok=_E4_q18u)](https://www.cato.org/regulation/spring-2026) 

[Spring 2026](/regulation/spring-2026)

[![Regulation Winter 2025-2026 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2025-12/regulation-v48n4-cover.jpg?itok=QSGuJRQT)](https://www.cato.org/regulation/winter-2025-2026) 

[Winter 2025–2026](/regulation/winter-2025-2026)