Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

World Trade - Global Economics in the 21st Century - Essay Example

Comments (0) Cite this document
From the essay "World Trade - Global Economics in the 21st Century" it may be concluded that global trade needs a structure and forum to ensure that disadvantaged nations are treated fairly and equally in regards to trade. The need for the WTO and regional trade agreements will continue to grow…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.5% of users find it useful
World Trade - Global Economics in the 21st Century
Read TextPreview

Extract of sample "World Trade - Global Economics in the 21st Century"

Download file to see previous pages In the United States, trade deficits with China have soared as American products are unable to compete with the less expensive Chinese imports. American agricultural exports of corn, soybeans, and wheat reach markets all around the globe as vegetables from Chile and Mexico fill our supermarket shelves. Trade is everywhere and world trade seems to be a chaotic mix of goods and money, commodities and cash. However, world trade, administered under regional trade agreements and the World Trade Organization, are actually rather well-orchestrated transactions with rules, agreements, quotas, and regional trade organizations.
A central component of the agreements on international trade is the World Trade Organization (WTO). The WTO is the "only global international organization dealing with the rules of trade between nations" (What is the WTO?). The WTO was established in 1995 as a successor to the General Agreement on Tariffs and Trade (GATT). The GATT evolved as an international forum for establishing fair trade guidelines, negotiating agreements, and settling trade disputes. The biggest accomplishment of the international forum is that it has "dramatically lowered both tariff and non-tariff barriers around the world, creating freer trade and contributing to postwar world growth" (Democratizing the World Trade Organization). In addition, the WTO has addressed the issues of quotas and subsidies that give nations an unfair advantage on the world market. The 153 members of the WTO have agreed to non-discrimination in regards to tariff levels among the member nations, and have agreed to treat them all equally. The WTO is simply an organization that works to liberalize trade and reduces the barriers to international commerce.
The vast amount of world trade is conducted under the WTO and is regulated by a set of agreed-upon principles. All members agree to treat all other members equally. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“World Trade - Global Economics in the 21st Century Essay”, n.d.)
Retrieved from
(World Trade - Global Economics in the 21st Century Essay)
“World Trade - Global Economics in the 21st Century Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF World Trade - Global Economics in the 21st Century

The 21st Century Tsunami

... the modern society and consumerism has changed. The core issues that have transformed its perception and meaning rely on its causes and initial definitions. Initially, consumerism was viewed in the context of rise in consumption of new techniques and goods and services produced in relation to human behavior and perception on needs. The former view carried more weight than the latter. Its origin is revealed through history in the eighteenth century. The gradual global rise in international trade and urbanization played a key role in accelerating consumerism. It led to exposure, comparison of achievements in terms of prosperity in various societies and increase in consumption rates of the challenged societies. At the same time, consumerism...
8 Pages(2000 words)Research Paper

Global Governance in the 21st Century

...?Global governance in the 21st century I. The United s and Global Governance Discuss the relevance of World War II to America’s rise to global leadership in 1945. Second, with specific reference to any three multilateral institutions discuss US interest and role in creating the institutional and ideological foundations of the post-World War II international system. Finally, assess the validity of the criticisms leveled against the IMF with reference to policy prescriptions for Third World countries. America’s leadership in defeating Japan, Germany, and Italy or the axis powers during World War II conferred on the country the moral ascendancy to lead in the United Nations immediately after the war. America was already an economic power...
10 Pages(2500 words)Essay

Philippines: Global Challenges of the 21st Century

...Philippines: Global Challenges of the 21st Century Introduction Philippines is a densely populated Southeast Asian country which gained independence in1946 after the defeat of Japanese forces by the Allied troops in the Second World War. The country is a democracy with a presidential form of government. Philippines enjoys good relations with United States, Middle East, and China. The country also has good ties with the neighboring countries. The focus of Philippines is currently to tread on the path of economic growth and also industrialization in recent years has made manufacturing and service grow more as compared to agriculture. In this paper, a discussion will be made on the recent history and geographic influence of the country...
4 Pages(1000 words)Research Paper

Global Branding In The 21st Century

...Running head: GLOBAL BRANDING IN THE 21ST CENTURY Global Branding In The 21st Century of Global BrandingIn The 21stCentury The conference global branding in the new millennium is very important for marketing executives since it covers the following concepts. In looking at a huge number of websites that have all of a sudden surfaced in all sorts of commerce, it appears that many of the numerous cyberspace entrepreneurs feel that the Internet is simply another means of communication that requires little, if any, variation from the traditional means of promoting and selling products and services. They have not yet grasped the tremendous potential of promoting their products and services on the Internet to a carefully targeted audience...
2 Pages(500 words)Essay

Toward the 21st century

... TOWARD THE 21ST CENTURY This vast world created by the almighty is full of distinctions. Each and every place on the planet has its own distinct culture, customs, populace and norms. Ethnography is the method of writing that brings forward varying measures of qualitative and quantitative metaphors of human social behavior, based on fieldwork. Ethnography brings into vision the domino effects of a holistic research technique founded on the perception that a system's properties cannot unavoidably be precisely understood without help of each other. The type has both formal and historical associations to travel writing and colonial office reports. More than a few educational traditions, above all the constructivist and relativist paradigms...
10 Pages(2500 words)Essay

Global Economics: Trade, Cost and Pricing

...Global Economics: Trade, Cost and Pricing The US tobacco Companies will subsidize farmers so as to get cheap supply of raw materials from these countries. This is also evident in that in developing countries labour intensive forms of production are cheap. In this developing countries labour is cheap, therefore developed countries prefer to get their raw materials whose production is labour intensive from the developing countries. Therefore, the US tobacco companies will subsidize tobacco farmers in developing countries in order to tap the comparative advantage. David Ricardo came up with the theory of comparative advantage that can be defined as the ability of a country to produce a specific good at a lower opportunity cost than its...
2 Pages(500 words)Essay

The 21st century obsession

...The 21st Century Obsession Since their inception, social networking sites have been a major attraction to millions of users. These sites are a main characterization of the 21st century and the global teenage generation. As such, integration of sites such as Facebook, MySpace, Twitter, and many others into peoples’ lives has become a norm rather than the exception with most people identifying with these sites. The powerful communication and information platform offered by these sites remains unrivalled effectively revolutionizing communication in the contemporary world. In this regard, information has become easily accessible and obtainable by these tools to a majority of the world’s population. To underline the importance of the social...
6 Pages(1500 words)Essay

Reflection - 21st century skills

Your full September 24, Reflection- 21st Century Skills I learned that the electronic academic learning portal was highly benefitting the students as well as the teachers at Napa Tech High. The students can look at their profiles, and can come to know about their performance. The teachers can leave their comments on the students’ projects and assignments through electronic feedback, and can keep a record of their skill level. The students can make their performance better by looking at their teachers’ feedback; and, can improve their grades by comparing their results with their peers’.
It is nice to see how students can reflect back upon their grades that they have achieved over the course of four years, through the electron...
1 Pages(250 words)Essay

21st Century America

...The Challenge of Terrorism Full Bill Clinton, young and exuberant, was full of optimism and a promising future when he first took office as the president of the United States. However, fate might have been against him as he then faced many issues more serious than his philandering acts. Perhaps the most significant threats during Clinton’s terms that extended to Bush’s time, and perhaps that which could be considered the most significant in the 21st century, is terrorism. The rise of Osama Bin Laden that disturbed the nation and the whole world shook mightily the peace, order and economic stability of many nations as the terrorist attacks on America affected the world. The events, although completely grievous, have shown how peoples can...
1 Pages(250 words)Essay

Globalization and Protectionism in Our Century

...Globalization and Protectionism in the 21st Century Globalization is an international phenomenon with far-reaching consequences in the social, political and economic realms. Economic globalization, namely the spread of neoliberalism and capitalist-inspired consumerism as the dominant engine of economic growth, has both supporters and detractors. The world is becoming more and more interdependent and whether you think globalization is a good or bad thing, it is here to stay. Many people in developed countries argue in favor of protectionism because foreign wages are much lower and domestic producers cannot compete. The result is that jobs are lost as employment trends shift overseas. Seeking to explore the present international...
6 Pages(1500 words)Case Study

Major Factors of World Trade Globalisation

The process of migration and technology transfer use the term globalisation to refer to national economies’ integration into a global economy. When economists use this term, then by this word he wants to imply a removal of national barriers for facilitating the flows of goods and services, labour and capital from one country to another. (Bhagwati, 2004; Steger, 2003)
The process of globalisation is actually made up of two phases. In the first phase, most of the countries are integrated economically. The principal action that is conducted during this first phase is to make negotiations of world trade by reducing protectionism. In this phase, all products get access to a wide global market. The second phase of the globali...
7 Pages(1750 words)Coursework

Obstacles Facing the Developing World in becoming Developed

The obstacles facing the developing countries in becoming developed is mostly of their own making. However, this does not give the developed nations the right to subjugate the rights and interests of the underdeveloped world. A balancing act is very important within the related scheme of things so that an equality basis can be found within the midst of the world order. It is a fact that the developed countries have abundance within their resources for the sake of their own people. These developed regimes can easily give their people all that they need as well as a living which is free of the most basic of issues. However, what seems to be missing from the relevant quarters is an urge to set things right within the developing natio...
9 Pages(2250 words)Coursework

Contemporary Issues in World of Politics Climate Change Policy

It is more than a particular problem of any specific community. In fact, climate change has a wider global nature compared to other environmental issues and it affects the people of every nation and boundary. Therefore, the issue of climate change has a far wider reach than the other environmental issues and it is an issue concerned with almost all the international communities. It is identifiable that national boundaries may attempt to prevent the movement of people and goods across the boundaries of the nation. However, when it comes to pertinent environmental issues such as climate change, these issues do not stop at borders, making them – some would argue – quintessentially global phenomena. “Climate change i...
6 Pages(1500 words)Case Study

Christian Dior: The Man Who Made The World Look New

However, Christian was interested only in the arts and mostly in fashion (YourNewFragrance, 2004). Even as a child he was interested in the life of the artisan community (Hirst, n.d.). Unknown to his parents, he would visit galleries and bars that were frequented by painters and writers such as Picasso and Cocteau. His parents did not allow him to pursue studies at the Academy of Fine Arts and he was forced to enroll at the Faculty of Political Science. He, nevertheless, secretly continued to visit the galleries. After four years at the Faculty of Political Science, it became clear that he would never obtain a degree from there and his mother too lost hopes of seeing him as a diplomat. In the meantime, Dior developed a wide circle...
6 Pages(1500 words)Essay

Benefit of Partnership to Company, Trade Union and Government

The John Lewis model of partnership states that the ultimate purpose of business is the happiness of all its members. Hence, when partners “share the responsibilities of ownership as well as its rewards of profit, knowledge, and power”, it is mutually beneficial to all members of the organization (ILO, 1996). The partnership can be a part of the commitment to pluralism and also a part of the non-union agenda (Bacon & Storey, 2000). The national agreement Partnership 2000 defines workplace partnership as “an active relationship based on recognition of common interest to secure the competitiveness, viability, and prosperity of the enterprise” (Doherty, 2008). The interest in the partnership has arisen due...
6 Pages(1500 words)Case Study

Global Strategy for Crappy Shades

The company increased its workforce from 150 to 450 workers. The increased personnel was necessary to cater to a wider market but it also brought with it a variety of other problems like increased input cost and problem in labor management. Crappy shades are suffering from high costs which is clear from the financial data which says that out of a revenue of 35 million pounds a profit of 2.5 million pounds generated. The Net profit ratio is 7% which is far below the industry standard and does not maximize the value of shareholders. It is clear that the company is suffering from high direct costs, as the marketing activities comprise only 15% of the total sales. The company was also affected by the global economic downturn as well a...
7 Pages(1750 words)Case Study

Globalization and World Economic Forum at Davos 2010

...Globalization and World Economic Forum at Davos Forces Driving Globalization Globalization has resulted in enhanced interdependencies among thenations of unprecedented scale. This augmented interdependence has caused the dismantling of trade barriers and liberalization of markets. The forces of globalization have impacted the nations, the firms and the individuals alike with the prerequisite of liberalization of trade (Awuah, 2009). The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and the academia. Some markets are highly globalized, while some are not. The scale of market...
7 Pages(1750 words)Coursework

Introductory Economics and Finance: Why Governments Regulate Firms and Markets

By government regulation, it is meant by the rules administered by a government or government agency to influence any economic activity which determines the price, types, and standards of products, and most importantly the conditions under which the entry and exit of the firms are possible.

Like death, it is impossible to keep away from regulation in about every aspect of daily life. The business regulation may be classified into two- economic and social (Litan). The economic regulation deals with price controls and the entry limits of the firms into markets. The second type regulation mostly deals with externalities (the outside influences of the company or firm which may or may not be decided by them)

6 Pages(1500 words)Assignment

Globalisation, Development, and Trade

For few decades, there have been huge advancements in almost every field and part of the globe, and in midst of these developments, one buzzword has now become the component of almost every discussion and debate, ‘Globalisation.’ 

Although it is not a new term, and it has gone through different phases, however, experts (McGrew, pp. 23-29, 2007) have indicated that finish of the cold war resulted in significant importance of the globalization that now stands as a symbol of the process of liberation that different economies went through during a long period. In this regard, the term globalization cannot remain in isolation, and thus, it brings with it the whole progression of development and subsequently,...
6 Pages(1500 words)Article

21st Century Campus Plan

...Introduction: The importance of education is realized by those nations that were able to acquire knowledge centuries ago and due to their achievement in education, they managed to achieve milestones in every aspect and field making them advanced and prosperous economies of today. Europe and America have been two geographical locations from where many scholars and researchers emerged and managed to spread knowledge to rest of the world (Craig, 2009). Education has been the key secret behind the success of many prosperous nations of today, which has led to several developed nations spending heavily on their education sector and making the education free for all its citizens. The reason for this move by many developed nations is mainly...
12 Pages(3000 words)Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic World Trade - Global Economics in the 21st Century for FREE!

Contact Us