WTO: An introduction to the World Trade Organization
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6 word format
document in English
international law
presentation
published 10/09/2008
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SummaryThe World Trade Organization is the most recent result of international efforts to reduce barriers to trade. It is an institution in which membership is voluntary, but it is also an organization with legal status. I will explain more about this later. In this paper I will explore the history, structure, and function of the WTO. In the 1920s and 1930s, governments engaged in a race toward protectionism. When the U.S. passed the Smoot-Hawley Tariff Act of 1930, many countries followed suite and raised tariffs. According to Bagwell and Staiger, in The Economics of the World Trading System, “under this act, average U.S. tariffs rose from 38 to 52 percent (43).” Although there were many attempts at international cooperation over trade measures during the time period, the 1920s and the 1930s were ultimately eras of protectionism, with drastic consequences – i.e. an economic depression that lasted years and which was felt in countries around the world. Bagwell and Staiger characterize this period as one in which “realism” drove government policy, and they describe the failure of trade agreements in this era:
Table of Contents
- Introduction.
- GATT (General Agreement on Tariffs and Trade).
- The Tokyo Round of 1973-1979.
- Hoekman and Kostecki description of the functions of WTO.
- Conclusion.
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