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WORLD TRADE ORGANISATION (WTO)
WTO: The World Trade Organisation is a multi-lateral organisation and is the only global
international organisation dealing with the rules of trade between nations. Their main goal
is to promote free trade.
The goal of the WTO is to help producers of goods and…
Economic Dependence - Free trade increases the economic dependence on other
countries for certain essential products such as food, raw materials, etc. Such
dependence proves harmful particularly during wartime.
Political Slavery - Free trade leads to economic dependence and economic
dependence leads to political slavery. For political freedom,…
Some poorer countries are allowed to join with existing protectionism measures.
E.g. India joined with tariffs still in place.
Uses the system of `Most favoured nation' - Biased to LEDC's
Multilateral There is no world government, relies on negotiations, can't be
Many link WTO and…