Wto Advantages And Disadvantages Essays

Wto Advantages And Disadvantages Essays-42
Just Desserts In the end, the countries using the WTO to protect their own industries may only hurt themselves if it causes their own industries to become more inefficient without true international competition.

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While it's debatable whether the organization is useful economically, the WTO is very important politically.

Subsequently, governments - with or without citizen support - will likely continue to support the organization.

The left sees the WTO as the henchman of a shadowy clique of stronger nations forcing agreements that allow them to exploit less developed nations.

This clique uses the WTO to crack open developing nations as markets to sell, while protecting their own markets against weaker nations' products.

Whether settling disputes or negotiating new trade relations, it's rarely clear which nations are in on the decision-making processes.

The WTO has been attacked from both the left and right because of this reticence.

The WTO rules allow a nation to protect certain industries if the removal of tariffs would have undesirable side effects, which include the loss of vital domestic industries.

Food production is one of the most common, but steel production, auto production and many others can be added at the discretion of the nation.

Its predecessor, the General Agreement on Tariffs and Trade (GATT), shared its lineage with Bretton Woods-inspired bodies like the International Monetary Fund (IMF) and the World Bank.

The idea behind these organizations is that impartial politicians could create a more efficient global economy than the chaotic interaction of free market forces.

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