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Both of these are outlandish by the usual standards of trade diplomacy: the WTO's rules cover neither labour standards nor exchange-rate policy.
Yet under Macmillan, employment was neglible and prices stable: government worked amicably with organised labour, and the living standards of trade unionists increased far more rapidly than they were to do in the 1970s and 1980s.
"For me," Mrs Thatcher said in 1981, "consensus seems to be the process for abandoning all beliefs, principles, values and policies". Yet under Macmillan, employment was neglible and prices stable: government worked amicably with organised labour, and the living standards of trade unionists increased far more rapidly than they were to do in the 1970s and 1980s.
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Trade agreements are an opportunity to enhance the standards of trading partners; not degrade domestic standards.
TRUMP: You called it the gold standard of trade deals.
Midway through years of talks that concluded in October, she called the emerging agreement the "gold standard" of trade pacts.
It has been heralded as the 'gold standard' of trade negotiations and the 'docking station' that will ultimately be open to all countries.
Even Hillary Clinton, who once supported it as the "gold standard" of trade agreements, has since concluded it is not up to scratch.
Most notably, Clinton abandoned her support for the free-trade initiative known as the Trans-Pacific Partnership, which she negotiated as Secretary of State and once described as the "gold standard" of trade agreements.
"Tobacco is our meat, drink, clothing and monies, being the standard of trade not only with the merchants but with ourselves," Hugh Jones, rector of Christ Church in Calvert County, declared in 1698.
Indeed, such was the prevailing mood that candidate Hillary Clinton signaled her intent to pull out of an agreement she had once lauded as the "gold standard" of trade deals.
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