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4 Key Players In World Trade (WTO (Aims (Reduce protectionism, Forum to…
4 Key Players In World Trade
WTO
Aims
Reduce protectionism
Forum to negotiate world trade
Settle disputes
Set and clarify trade rules
History
Started as GATT (1948)
Meetings on tariffs over trade
Stablished in 1995
Recent negotiations: Qatar
Criticism
Favouring MEDCs
Allows counterfeiting
No power to punish members
About
Based in Geneva
153 members
Looks at
Trade of goods
Trade of services
Intellectual property rights
National Governments
Aims
Balance budget or get budget surplus
Balancing spending
Look at levels of imports and exports
How do they impact flows of GT?
Increasing
Joining trading blocs
Ending protectionism
Opening enterprise zones
Promoting free trade
Devaluing their currency
Decreasing
Protectionism
Sanctions
Planned economies
Increasing regulations
Imposing ownership regulations
IMF
History
Created at Bretton Woods (1944)
Only 46 members
Very important after WW2
Leading role during today's crisis
About
186 members
Pool of money
Paid by members
Everyone can borrow temporarily
Leading role in the economic crisis
Aims
Policy advise
Research of economies and markets
Give loans to struggling economies
Give technical assistance
Provide a forum for cooperation
Criticism
Supported undemocratic governments
SAPs were damaging
Imposed austerity measures
MEDCs have too much influence
World Bank
History
Established in Bretton Woods (1944)
Did not lend much money
Until 60s and 70s
1980: Imposed SAP in borrowers
About
Headquarters in Washington DC
Global Bank
Owned by its members
187 countries
Structure
2 main institutions
International Bank for Reconstruction and Development
International Development Association
Over 10.000 employees
Aims
Help countries achieve UNs Millennium Development Goals
Promote shared prosperity
Criticism
Imposition of policies in developing countries
Assumptions about LEDCs
MEDCs have too much power
Leaders are always from the US
Focuses too much on GDP
Environmentally damaging projects