Tuesday, October 1, 2019

Beliefs About the World Trade Organization

Before reading articles about the World Trade Organization written by activist organizations and the WTO itself, I was aware that the conflicts and the debates surrounding the esteemed organization concern the power differences between the haves and the have-nots in the global economy. I also believed that the WTO is an indispensable entity produced by globalization itself. In my opinion, the WTO balances power between the haves and the have-nots as far as it is possible to do so.And, while the economies of abundance and high economic growth cannot be expected to slow down because of the low growth economies, the WTO at least gives the latter a voice. The articles on the WTO written by activist organizations have changed my beliefs about the organization very little. Indeed, it comes as a surprise to me that the WTO is blamed for putting the rights of big businesses â€Å"to profit over human and labor rights.† Jerry Mander, the president of the International Forum on Globaliz ation, refers to the WTO’s â€Å"mad drive toward corporate led economic globalization. † Yet, I had believed that WTO naturally favors the big economies of the world rather than corporations because the big economies happen to be instrumental in the entire global economy. In fact, without the big economies, the developing world would not even dream of globalization and foreign investment that would eventually make it possible for poor countries to economically grow.Besides, human and labor rights, in my opinion, cannot possibly be discounted by the WTO, seeing that businesses cannot even function without human and labor rights, and at the heart of WTO’s mission lies its interest in the promotion of business around the globe. Articles authorized by the WTO strengthen my belief that the organization works with â€Å"member countries† instead of focusing on corporations. In actual fact, the WTO takes decisions based on a consensus among its member countries .Moreover, it is wonderful to note that the WTO’s system is a promoter of world peace. After all, the organization allows for discussions, even among those member countries that differ in their opinions about the global political economy. I do not believe that I require further information to change my beliefs about the WTO. The organization remains ‘esteemed’ in my humble opinion, promoting the interests of all of its member countries while naturally favoring the big economies that happen to be most helpful for the small economies as well.

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