The World Trade Organization Essay 1690 Words | 7 Pages
The World War II changed the world. In post-war year several powerful international organizations were established. These organizations were intended to revive, control, and regulate the international financial and trade cooperation. In 1944 the representatives of 44 allied nations gathered on United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire, USA, to make some important decisions regarding to international financial and monetary order on the post-war World. On this conference International Bank for Reconstruction and Development (IBRD) (now it is one of the five financial institutions comprising the World Bank), the International Monetary Fund (IMF), and the General Agreement on Tariffs and Trade (GATT) were established. The last one became the WTO forerunner. It is also worth mentioning that the idea if International Trade Organization was discussed on this conference, but the delegates could not find the compromise. International trade Organization had never come to existence, and the WTO adopted the rules of GATT.
WTO working papers - World Trade Organization
The structure of government in the WTO is the following: a ministerial conference appoints a director-general and a general council in its biennale meeting in Geneva. Switzerland.
The impact of the WTO on the current situation in the world can hardly be undervalued. Now the WTO is one of the most powerful organizations in the world and the part of broader network of transnational institutions. It has the significant influence on transnational flows of production and investment. As every powerful organization, the WTO is severely criticized by some analytics and researchers. In particular, they often claim that actions of the WTO contradict the main principles of democratic society. According to their opinion, the methods and rules of transnational regulation narrow the exercise of democratic politics within these states and have the negative impact on the quality of democracy within domestic states.
The objective of this paper is to review the impact of WTO on global trade, its methods of regulation, and some consequences, and collect some arguments to support the following thesis:
There is no regulation without the limits; the positive impact of regulated trade outbalances the negative impact on democratic politics; in general the activity of WTO can be considered as positive despite some questionable issues.
Thus, it can be concluded that GATT – the WTO forerunner – was created together with other comparable international organization after the World War II to support the new global order the interests of the United States. For almost the half of the century CATT was the only multilateral instrument, which could govern and regulate the global trade. The serious competition with other institutions were absent on the global market; so, together with globalization the impact of GATT increased and the organization transformed itself to international one.