Evaluation of the wto, Microeconomics

Evaluation of the WTO:

The WTO is different from and an improvement over the GATT in the following respects: 

•  The WTO is more global in its membership. 

•  The WTO has introduced commercial activities into the multilateral trading system. 

•  While the GATT had 'contracting parties'. WTO has 'members' and is a legal organisation. 

•  GATT provisions in case of disputes were time-consuming. GATT could levy penalties only through unanimous decisions, which were virtually impossible. Under WTO, unanimous are no longer desired; all disputes are to be settled within 18 months. 

•  WTO has one-country one-vote principle, unlike in the World Bank and IMF where the economic strength of rich countries translates into a voting majority. 

•  Even if developing countries differ on specific issues, they can make a difference if even a few of them stand firm. 

•  Both big and small developing countries no longer accept decisions taken behind closed door by a group of select countries.  

 

Posted Date: 11/15/2012 1:32:56 AM | Location : United States







Related Discussions:- Evaluation of the wto, Assignment Help, Ask Question on Evaluation of the wto, Get Answer, Expert's Help, Evaluation of the wto Discussions

Write discussion on Evaluation of the wto
Your posts are moderated
Related Questions
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:

law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?

do you agree that according to econmy theory a business will always close if its total reveneu cover total costs

what is the south africas governments standpoint on international trade

Production: - Firms should choose how much of each to produce. - The alternative quantities can be illustrated by using product transformation curves. Product Transforma


If the inverse demand curve is p=120-Q and the marginal cost is constant at 10, how does charging the monopoly a specific tax of r=10 per unit affect the monopoly optimum and the w

What are the three approaches to measuring GDP? The three approaches are: a)  The production approach, b)  The spending approach and c)  The income approach.

what happen when a supply shift to the right on a graph

why is the concept of elasticity crucial to the study of economics?