333 essays - 3) The WTO was formed in 1995, from the old...

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3) The WTO was formed in 1995, from the old organization GATT, and currently 151 countries participate in the group and the General Secretary is Frenchman Pascal Lamy. GATT was founded to create an international agreement on trade and tariffs between governments after World War II. It was the organization responsible for governing trade agreements and the established rules for trade. The WTO seeks to improve the live of the citizens of its member states by removing trade barriers, as opposed to merely lowering them as proposed GATT. GATT came out of the Bretton Woods conference, as did other institutions such as the IMF and World Bank. The Doha Round is currently the latest WTO summit. The dispute settlement process (DSP) is another interesting facet of the WTO that has received much criticism. The process allows for countries to resolve any trade disputes that may hinder trade. Stiglitz says the process is not transparent enough. Poorer countries may be forced to change their laws reluctantly if a more powerful, usually northern, country files a complaint with it. The next two institutions that came out of Bretton Woods in 1945 were the International Monetary Fund (IMF) and the World Bank. IMF is an organization based in Washington DC with 185 participating members that serves to outline the rules for international economic cooperation. The World Bank was formed in 1945 also during the Bretton Woods meeting. Its goal was to reduce global poverty and assist countries financially after conflicts or natural disasters, such as helping with reconstruction after WWII with a $250
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This note was uploaded on 05/19/2008 for the course ILRIC 4330 taught by Professor Turnerl during the Spring '06 term at Cornell University (Engineering School).

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333 essays - 3) The WTO was formed in 1995, from the old...

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