L18Nov09_306 - Lec 18: The International Trading System FRE...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Lec 18: The International Trading System FRE 306
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Lec 18: The International Trading System 2 Questions about WTO Is it run by the private sector, and dominated by (“a tool of”) large corporations? Does it force free trade on an unwilling world? Does it coerce individual countries to follow certain policies and courses of action? Does it remove sovereignty from individual countries? What are the most important areas of this organization of relevance to our class?
Background image of page 2
Lec 18: The International Trading System 3 The World Trade Organization (WTO): what is it? It is an organization of countries dealing with the rules of trade between them Membership is voluntary; October 2008 = 153 countries Basis for operations : package of WTO agreements, negotiated and signed by the bulk of world’s trading nations, ratified by their parliaments. Goal : help producers of goods/services, exporters, and importers conduct their business, in order to improve welfare of the peoples of the member countries Primary practical function: to ensure trade flows as smoothly, predictably and freely as possible Website: www.wto.org
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Lec 18: The International Trading System 4 Areas of Misunderstanding/Debate 1. WTO dictates policy 2. WTO is for free trade at any cost 3. Commercial interests take priority over development, the environment, and health and safety 4. WTO destroys jobs, worsens poverty 5. Small countries are powerless in the WTO 6. WTO is the tool of powerful lobbies 7. Weaker countries are forced to join the WTO 8. WTO is undemocratic
Background image of page 4
Lec 18: The International Trading System 5 Desire for the advantages of trade Underlying rationale for support for WTO: desire for freer trade due to the gains from pursuing comparative advantage, achieving economies from specialization, innovation Evidence from past two decades across wide range of countries make it clear that more open trade regimes have achieved considerably faster rates of economic growth, higher average incomes, and greater job creation. There is considerable variation across countries in some
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/09/2010 for the course LFS FRE 306 taught by Professor Barichello during the Winter '09 term at The University of British Columbia.

Page1 / 14

L18Nov09_306 - Lec 18: The International Trading System FRE...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online