Question: Does the WTO do more harm that justice/good to an economy?
- Paragraph 1: I will start by defining the key terms in my question, World Trade Organisation (WTO) giving a brief description of what it does
- Paragraph 2: I will then outline the theme of my essay, identifying things one should expect as they ready my essay
- Paragraph 3-10: In these paragraphs I will state the merits of WTO in an economy, and involve slight evaluations and opposing thoughts: The complex and dynamic nature of trade and the WTO’s trade rules. It highlights benefits of the trading system, but it doesn’t claim that everything is perfect. Were it a perfect system, there would be no need for further negotiations and for the system to evolve and reform continually (+ve's
- settlements of disputes and reduction in trade tension, stimulation of economic growth & employment, cut cost of operation an international business, encourages good governance, helps nations develop, give the week a stronger voice, support environment and health, contribute peach and stability within nations/local markets, be effective without hitting the headlines. )
- Paragraph 10-12: My evaluation
Does the WTO do more harm that justice/good to an economy?
The WTO is a continuation of the General Agreement on Tariffs and Trade (GATT) which aims to promote the practice of free trade around the world. According to the WTO website it is 'an organisation for liberalising trade. It's a forum for governments to negotiate trade agreements. It's a place for them to settle trade disputes. It operates a system of trade rules.' In essence the WTO is a contractual body of rules agreed to by member nations and a judicial system to enforce and protect these rules and regulations.
My essay will outline the advantages and disadvantages of the WTO for economies, whether truly the WTO is good or bad to an economy, with the aid of things like The World Systems-Theory perspective, or multilateral trading system. This essay will argue that however much the WTO aims to increase the level of trade for all its members, there will be far more disadvantages than advantages for economies.
World Trade Organisation helps member states in various ways and this enables them to reap benefits such as helps promote peace within nations. Peace is partly an outcome of two of the most fundamental principle of the trading system, helping trade flow smoothly and providing countries with a constructive and fair outlet for dealing with disputes over trade issues. Peace creates international confidence and cooperation that the WTO creates and reinforces. Disputes are handled constructively, as trade expands in volume, in the numbers of products traded and in the number of countries and company trading, there is a greater chance that disputes will arise. WTO helps resolve these disputes peacefully and constructively. If this could be left to the member states, the dispute may lead to serious conflict, but lot of trade tension is…