Criticisms of world trade organisation, Microeconomics

Criticisms of World trade organisation: 

There are critics too of the WTO. It is believed that the WTO will emerge out destructive of biodiversity and people's livelihoods by encouraging over-exploitation of natural resources, creating pollution through increasing transportation, habitat loss by infrastructure development, and so on by forcing countries to: 

i) relax export rules that prohibit or restrict the exploitation of forests, fisheries and minerals; 

ii) encourage export policies that spread monoculture; 

iii) relax import rules that control the unhindered dumping of all kinds of products, including polluting and hazardous wastes; 

iv) adapt intellectual property rights regimes; and 

v) accept with few conditionalities, investment in several sectors by foreign firms and industrialists with little regard for its ecological and social impacts.  

To sum up, WTO has been in action for a little over decade now. During this ime, the WTO has proved that it is very different from its predecessor, GATT. GATT was toothless whereas WTO has teeth - its disputes settlement mechanism has been an outstanding success and has brought to book even mighty US in several cases.  

Posted Date: 11/15/2012 1:34:59 AM | Location : United States







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