Functioning, Operations, and Designs of the World Trade Organization - Essay Example

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 the USA (Thompson, 2011). Most of the agreements made by the 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 the USA in order to control 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 the 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 by 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 the US in the form of the World Bank and World Trade Organization affects the trading conditions of the developing countries. This principle also explains the fact that countries that possess the influence like the US have more voting rights than the developing countries (Haroon, 2013).

Structuralism can be used for explaining the design and operation of the World Trade Organization. It has been designed in a way to act as a big brother who oversees business transactions taking place between different countries. The structural design of the World Trade Organization exposes the existence of classes of different countries. There are some countries such as the USA who possess more influence on World Trade Organization than then others. The reason behind this is that most of the World Trade Organization is financed by the USA. This indicates that World Trade Organization creates a state of dependency where some of the countries possess more influence on the organization than others (Bello, 2000).