Abstract: Over the last several years, a chorus of voices have called for international action in the area of competition policy. A good deal of dissonance, however, can be discerned among these voices. Most who have joined in share at least a stated commitment to promoting competition principles, as embodied in the antitrust laws of many countries. Yet their policy prescriptions differ dramatically, as evidenced by the divergent views of the United States and Europe. The European Commission proposes that the member states of the World Trade Organization (WTO) negotiate a binding competition code. The United States has rejected this idea and counterproposes increased bilateral cooperation between national competition authorities and continued study of the issue. Of course, national differences may arise as much from negotiating tactics as from disagreement on the analytics of which kind of arrangements are most likely to advance competition principles; but for those interested in law and policy, these analytics should be central to choosing among varying proposals. Since competition policy was one of the many issues left unresolved by the failed Seattle ministerial meeting of the WTO in late 1999, and will surely be revisited, how and why certain institutional configurations advance or retard agreed policy aims are questions ripe for attention. The answers will help define the possibilities for competition policy in an era of globalizing markets and contribute to a broader debate over the limits of trade policy in reconciling national economic policies.