Wto Advantages And Disadvantages Essays

The left sees the WTO as the henchman of a shadowy clique of stronger nations forcing agreements that allow them to exploit less developed nations.

This clique uses the WTO to crack open developing nations as markets to sell, while protecting their own markets against weaker nations' products.

While it's debatable whether the organization is useful economically, the WTO is very important politically.

Subsequently, governments - with or without citizen support - will likely continue to support the organization.

Its predecessor, the General Agreement on Tariffs and Trade (GATT), shared its lineage with Bretton Woods-inspired bodies like the International Monetary Fund (IMF) and the World Bank.

The idea behind these organizations is that impartial politicians could create a more efficient global economy than the chaotic interaction of free market forces.

The proceeds from the tariff end up in government coffers.

This raises revenue and may protect domestic industries from foreign competition.

While the WTO can boast that the number of international tariffs has fallen since its inception, many reductions have been balanced by the introduction of these "stealth tariffs".

(Everyone's talking about globalization, but what is it and why do some oppose it?


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