Free

Wto - Essay Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.9% of users find it useful
Wto
Read TextPreview

Extract of sample "Wto"

World Trade Organization 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 Bank, World Trade Organization and other UN agencies to control the world market from different levels because of their economic persuasion and extensive consultation on important financial matters. The three economic principles such as nationalism, economic liberalism and structuralism can be used for analyzing the functioning, operations and designs of World Trade Organization (Anon., 2014).
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 place between different countries. The structural design of the World Trade Organization exposes the existences of classes of different countries. There are some countries such as 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 USA. This indicates that World Trade Organization creates a state of dependency where some of the countries possess more influence on the organization than the others (Bello, 2000).
Bibliography
Anon., 2013. Competing perspectives about the role and impact of trade in developing countries. [Online]
Available at: http://www.hiidunia.com/2011/01/competing-perspectives-about-the-role-and-impact-of-trade-in-developing-countries/
[Accessed 15 October 2014].
Anon., 2014. World Trade Organization. [Online]
Available at: http://timesofindia.indiatimes.com/topic/World-Trade-Organization
[Accessed 15 October 2014].
Bello, W., 2000. WTO: SERVING THE WEALTHY, NOT THE POOR. September, p. 36.
Haroon, Y., 2013. WTO: Wonderful Trade Organization or Wrong Trade Organization!. [Online]
Available at: http://worldtradereview.com/webpage.asp?wID=743
[Accessed 15 October 2014].
Thompson, K., 2011. Conflict and Structuralism. [Online]
Available at: http://www.kenmorethompson.com/index.php/conflict-and-structuralism
[Accessed 14 October 2014]. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Wto Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Wto Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/social-science/1660779-wto
(Wto Essay Example | Topics and Well Written Essays - 500 Words)
Wto Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/social-science/1660779-wto.
“Wto Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/social-science/1660779-wto.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Wto

WTO Dispute Settlement Procedures

...? WTO Dispute Settlement Procedures       The World Trade Organisation represents the organisation that was borne out of the Uruguay Round that replaced the General Agreement on Tariffs and Trade (GATT) in 1995. As a global organisation whose agreements are negotiated by its member nations the preceding represent rules as well as regulations that are legally binding with respect to policies on trade and tariffs. Within this area disputes arise that are heard and settled under the World Trade Organisation’s (WTO) Dispute Settlement Understanding. This study seeks to examine this process looking into the mechanisms and its application using countries in the Middle East as a focal point.   In order to...
58 Pages(14500 words)Dissertation

WTO dispute settlement procedure

...?Assessing the Success of the WTO Dispute Resolution System By The World Trade Organization’s dispute resolution system has been the subject of both self-praise and observer praise. Most of the praise revolves around its improvement of the previous dispute resolution system under the General Agreement on Trade and Tariffs.1 The World Trade Organization claims that the changes implemented by the World Trade Organization’s dispute settlement system strengthens the role that dispute resolution plays in success of the World Trade Organization’s multilateral trade regime.2 Much is made of the number of cases submitted to the dispute resolution process since its inception under the World Trade Organization. However, academics...
16 Pages(4000 words)Essay

WTO dispute settlement procedures

...?Table of Contents 2 1Introduction 3 1Background history 3 2Problem ment 4 3Aims and objectives 5 4Significance of the study 5 Bibliography 6 Abstract The Dispute resolution/settlement procedure under the World Trade Organization (WTO) is considered to be at the core of the global multilateral trade of the 21st century. A dispute within the global economy and trade arises when one Member State frames a trade policy or takes up some measures that the other Member States perceive as a direct violation of the WTO treaty agreements. However, various instances show that the dispute resolution process under WTO has some inherent flaws that give scope to the economically stronger nations to...
3 Pages(750 words)Thesis

Trade Impasse at WTO

...of the of the Concerned Economics Higher Level 6 March 2009 Trade Impasse at WTO The July, 2008 World Trade Organization negotiations at Geneva, where the scene of a stand off between the developed world, represented primarily by the US and the Europe, and the developing world, which encompassed the Asian tigers like China and India (Bradsher 1). The developing nations like India, China and Brazil blatantly refused to budge from their stand of extending protection to the indigenous producers of the critical agricultural products in return for a commensurate lowering of the tariffs on the industrial goods being produced by them (Bradsher 1). This impasse represented a marked shift in the global trade scenario in the...
3 Pages(750 words)Essay

WTO Members - TRAMONTANA

...Question 1. In this question, we are presented the case of TRAMONTANA who grants special treatment to cars which contain at least 90% recyclable parts ("recyclable cars") and has a set of phasing-in measures which will ultimately lead to the refusal of selling cars coming from countries which produce non recyclable cars. PATRIA, XENIA and MOLVANIA are WTO Members producing and exporting of cars to TRAMONTANA and some companies within these countries have no plans to move towards the production of recyclable cars. However the industry in MOLVANIA, produces mainly recyclable cars and plans to phase out production of non-recyclable cars shortly and MOLVANIA is considering introducing legislation modeled on TRAMONTANA's recyclable car... ...
7 Pages(1750 words)Essay

Reform of WTO

...Reform of WTO 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, worker safety, the right to form a union and environmental and animal welfare protection1. Benefits of free trade The issue of free trade remains unresolved. According to Karl Marx, WTO has resolved the personal worth into exchange value2. Opinions are divided on the economic benefits of a global free market. The standard economic model suggest that no one’s welfare can be improved without reducing the welfare of at least...
4 Pages(1000 words)Essay

WTO effect on Taiwan

...Running Head: WTO EFFECT ON TAIWAN WTO effect on Taiwan WTO effect on Taiwan Introduction Financial internationalization has been a prevailing trend in the global financial scene since the 1970s. Countries vie for an upgrade in their competitiveness by integrating domestic financial markets with foreign ones. Although financial internationalization covers a wide range of issues, the opening of the capital account is undoubtedly the most complex and the most controversial. This is mainly because capital account liberalization allows capital to move freely across borders, which may erode the stability of the stock market, foreign exchange market and money market, which in turn makes it more difficult for the central bank to maintain... . At the...
6 Pages(1500 words)Essay

WTO And Environmental Protection

...Topic:  WTO and environmental protection This paper assesses the World Trade Organization or the WTO and its perspective on environmental protection. The paper starts with an introduction on WTO, its objectives and scope as well as the popular criticism leveled against this international body. Next it delves into the debate on whether WTO should play a more active role in the protection of environment and in ensuring that the rapid pace of development and growth due to liberalization and free-trade does not adversely impact on our natural resources and environment. The paper takes the stance that WTO being a platform to provide a multi-lateral trading system, should not further increase its role as an environmental protection body... . The...
16 Pages(4000 words)Essay

International Economic- WTO

...Assignment: Consider how we can identify and asses the economic benefits that might occur as a result of a successful conclusion to the current and recent trade negotiations at the WTO. How can we use economics to identify the beneficiaries of the current failure to reach agreement? Submitted by: Submitted to: Course Title: International Economics 31 August 2016 Table of Contents Introduction 3 The Domain of WTO Issues 3 Breakdown of Talks 7 Bilateral Deals – An Alternative? 11 Who are the Beneficiaries in Case of a Breakdown? 13 Gains from the Resolution of the Deadlock………...……………………………………………14 Conclusion 19 Bibliography…………...………………………………………………………………………...20 Introduction: The World Trade Organization... (WTO) has been...
16 Pages(4000 words)Essay

WTO (world trade organization)

...World trade organization Various organizations occur in the world. The organizations have been formed to address issues and challenges that face the world. As a result, they resolve issues that affect the world as a single entity. One of the such organizations is the World Trade Organization (WTO). The organization has managed to manage various issues of its members from various parts of the world. In order to understand WTO, it is good to highlight the history of the organization, functions, and how it helps today as well as what it stands for. There was a rigorous process before formation of WTO. Hence, the origin dates back almost a century ago. The mother of WTO was...
2 Pages(500 words)Research 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 Wto for FREE!

Contact Us