WTO in a Global Economy

Paper Summary:

This paper posits that the World Trade Organization (WTO) serves as an example of economic inequalities in the contemporary world. The WTO is an economic organization affecting all aspects of society and the world. It is however, hardly the democratic, transparent institution one would expect it to be. In fact, all rules of the organization are written only with inside corporations in mind. The paper examines the intricacies of the organization to understand why it does not really spread equality.

Outline
Global Economy and the United States.
Drugs in the United States
Mercantilism
Regime Theory
The Triffin Dilemma

From the Paper:

"The WTO is further made undemocratic in terms of its dispute panels. These decide cases regarding domestic laws, which might be abolished as a result of being "barriers to trade". These panels comprise three trade bureaucrats, unscreened for conflict of interest. This has negative consequences for environmental and social issues. This includes labor. Countries that actively enforce labor rights are for example disadvantaged, because it is the claim that labor standards are a "barrier to free trade" in terms of cheap labor."

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