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Wto - Essay Example

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Globalization has increased the opportunity for economic growth, which has eventually led us to extensive lobbying among the financial institutions of the world. The influence of the exchange rate has also very much affected the business transactions. This has led the World…
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Download file to see previous pages... Economic liberalism is considered to be a principle that is in the favor of the laissez faire economy and values the private property which is in production. It can be observed that the World Trade Organization undermines the undeveloped and the developing countries of the world and makes policies in the favor of the developed countries, especially USA (Thompson, 2011). Most of the agreements made by World Trade Organization do not favor the developing countries as they are made in the interest of the developing market, as they plan to build a monopoly in collaboration with USA in order to control the world trade. A clear example of this monopoly is introducing agriculture in GATT-WHO in the 1995 system. It states that the developing countries should learn to feed themselves, giving a clear indication of creating food security in the US because of their reliance on the products produced in USA (Anon., 2013).
The principle of Nationalism which was introduced by Alexander Hamilton works on the policies that help in the economic control by nations. The basic argument raised various nations is that the economic system is considered to be stable when it is controlled by a single country. World Trade Organization should be able to control all the aspects of international trade and should be allowed to exercise its power on the will of all the nations of the world. The influence which is impacted by US in the form of World Bank and World Trade Organization affect the trading conditions of the developing countries. This principle also explains the fact that countries that possess the influence like US have more voting rights than the developing countries (Haroon, 2013).
Structuralism can be used for explaining the design and operation of World Trade Organization. It has been designed in a way to act as a big brother who oversees business transactions taking ...Download file to see next pagesRead More
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