Firms are central to trade policy-making. Some analysts even suggest that they dictate policy on the basis of their material interests. Cornelia Woll counters these assumptions, arguing that firms do not always know what they want. To be sure, firms lobby hard to attain a desired policy once they have defined their goals. Yet material factors are insufficient to account for these preferences. The ways in which firms are embedded in political settings are much more decisive. Woll demonstrates her case by analyzing the surprising evolution of support from large firms for liberalization in telecommunications and international air transport in the United States and Europe. Within less than a decade, former monopolies with important home markets abandoned their earlier calls for subsidies and protectionism and joined competitive multinationals in the demand for global markets. By comparing the complex evolution of firm preferences across sectors and countries, Woll shows that firms may
