These adjustments must not be relegated to the future: they must be an integral part of the opening-up agenda. We must create a new “Geneva consensus”: a new basis for the opening up of trade that takes into account the resultant cost of adjustment’ (Lamy 2006). The term ‘adjustment costs’ suggested that the costs were a short-term problem: they didn’t recognise that trade liberalisation might actually impede longer-term development. Advocates of trade liberalisation never fully understood that even in equilibrium, trade liberalisation might have adverse effects, and especially so if it was pursued in an asymmetric way.