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Internet telephony has become a hallmark of a technological revolution that is eliminating the barriers of time and distance that separate national markets. The shift toward a borderless marektplace has also been marked at the policy level by the 1997 agreement on telecommunications services concluded under the auspices of the World Trade Organization. The agreement expands the world trade system to include binding obligations on regulatory reform and the market access rights of foreign investors, and reflects the shift of trade policy inside national borders to address thorny trade barriers that are embedded in regulatory institutions and policies that were once exclusively domestic. This volume examines the intersection of those two revolutions that are transforming the global trade arena. Beltz analyzes the tensions and opportunities created by the inclusion of internal market issues on the multilateral trade agenda and a technology-driven shift toward a borderless marketplace. She highlights both the limits of traditional trade tools and the WTO in the new trade arena and the unexpected strength of the Internet in accelerating the transition to more open markets.