The World Trade Organization ( Wto ) Essay

1829 Words Nov 14th, 2015 null Page
Unlike many other institutions the World Trade Organization (WTO) is the confluence of a number of ideas, which were formulated into a distinct entity charged with overseeing a rules-based regime for the furthering of transnational economic integration, specifically reduction to trade barriers. Underpinning this is are a few things: countries control their own futures through their exercising of their sovereignty which includes limiting themselves through binding multistate agreements, international laws must be formulated and obeyed, and the subjugation of the powerful state actors for the mutual self-interest of their less powerful partners. However while these are the basis for the WTO they are not without their innate flaws, chiefly the WTO must contend with the fact that the same states that created it also created other international organizations and have certain limits pertaining to their willingness to enforce their commitments to any such organization for which they sacrifice some of their own sovereignty. Also since the notion of free trade and the overall concepts of more liberalized markets or the advantages gleaned from such divisions of labor and economies of scale are quite recent not everyone buys into their notions as opposed to previous notions surrounding mercantilism. Finally on the issue of power, while the aforementioned ideas were utilized in the creation of organizations such as the WTO, both the WTO and its precursor the General Agreement on…

Related Documents