Just a few quick notes on economic globalisation!
GATT = General Agreement on Tariffs and Trade
- negotiated during UN confernce on Trade and Employment and outcome of failure of negotiating governments to create the ITO (International Trade Organisation)
- formed in 1947 and replaced WTO in 1995
WTO = World Trade Organisation
- incepted by capitalist economices, as a liberlising organisation, to organise world trade
- designed to help trade flow as freely as possible without detrimental side effects
Free Trade: Good or Bad?
Makes sense for countries to specialise in producing goods that they can produce most efficiently, and to trade their surpleses of these goods for the products they cannot produce, or are less efficient at producing
= principles of free trade
HOWEVER, free trade is risky as it introduces competition and often countries try to protet themselves from this by introducing tariffs which make foreign imports more expensive. Subsidies and quotas are also often introduced to have the same effect.
Currently, though, trade rules are unfair as some countries are forced to accept goods from abroad, whilst others protect their market with import tariffs, quotas and subsidies.
International Monetary Fund (IMF) and World Bank
- play minor roles in running world economy
- IMF established to oversee global financial system and other assistance and renegotiate debt for struggling countries
- World Bank tries to reduce poverty in LDCs and promotes sustainable development
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