The institutions of the EU and NAFTA are critically analysed by leading American and European scholars. The book covers both the general problems of building new and integrated markets, and several policy areas that are related to economic integration. The institutions established in both Europe and America are seen as deficient in several respects. Without offering adequate replacements, the economic integration projects are actually undermining some of the core institutions that serve the needs of the market economies - institutions on which the integration process itself depends.