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Reform of WTO - Essay Example

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This essay Reform of WTO talks that various meetings and discussions were held to determine whether globalization is good for the economy and how the role of WTO can be made effective. Without a global authority, it is impossible to set minimum standards on issues like child labor…
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Reform of WTO

Download file to see previous pages... As tha paper declares a corporation that pollutes a river into which it discharges wastes will be made to clean it up and to compensate those who have been harmed. The cost of keeping the environment clean becomes a part of the production cost. This can be enforced when there is a global authority to regulate pollution. Without global environment protection welfare cannot be maximized.
This essay stresses that unconstrained globalization is likely to lead to economic efficiencies. The ruling elite have to care about the overall welfare otherwise they will out-compete countries that provide minimal conditions for their workers. According to Herman Daly when world production shifts to countries that do the poorest jobs, it reduces the efficiency of global production. The fear is that rich countries would use high standards to keep goods out of the poor countries. Instituting global standards is the only way to prevent an equally inhuman form of uncontrolled global capital. Trade and politics should be independent of each other. Governments may trade with other countries even while disapproving of their regimes. The US has attacked China for its human rights record while it expanded its trade with China. At times though, many trade deals are done with the governments. Transnational corporations arrange with governments for oil exploration, to cut timer and to fish. They thus accept the government’s rights to sell the resources that lie within its border. ...Download file to see next pagesRead More
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