International Political Economy Paper

15 Pages3710 Words61 Views

Added on 2020-04-21

International Political Economy Paper

Added on 2020-04-21

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0INTERNATIONAL POLITOCAL ECONOMYINTERNATIONAL POLITOCAL ECONOMYName of Student:Name of University:Author Note:

1INTERNATIONAL POLITOCAL ECONOMYEXECUTIVE SUMMARY:The paper presents a discussion on one of the most crucial international organization operative intoday’s world influencing the massive trade transactions going around. The biggest channelthrough which globalization could actually become possible in literal sense was to make thecross-border transactions easy and hassle free lying outside of the political and economicrestrains. However what has been found thet the multiplicity in the national structure and policiesof the nations leads to difference of opinion that had to be s in order to bring them all underunified platform. This initiated the existence of WTO that got reshaped over time with thechange in wind of international politics. The discussion take s us to the recent crisis in theorganization and operative inefficiency on the face of increasing confliction. This hampered theintention of economic cooperation allowed the unit to go for transformation and changes inpolicies to ascertain free flow of trade with integration among economies of world.

2INTERNATIONAL POLITOCAL ECONOMYTABLE OF CONTENTIntroduction......................................................................................................................................5What is WTO...................................................................................................................................5Functions of WTO:..........................................................................................................................7Economic and political impact of WTO..........................................................................................9Crisis in WTO:...............................................................................................................................11Reasons behind issues:..................................................................................................................12WTO & economic cooperation:.....................................................................................................13Conclusion:....................................................................................................................................14Reference:......................................................................................................................................15

3INTERNATIONAL POLITOCAL ECONOMYIntroduction In the modern world of growing connectivity and globalization, international trade is thecrucial instrument playing important role in cross border share and exchanges of goods andservice. With the passage of time, world grows compact and integrated through extensive tradetaking place. Trade not only let the countries access to each others’ production but also feeds intothe need of the business to expand based on evolving market demand. It is to be kept in mind thatthe countries differ in terms of geographical positioning, natural resources possessed, prevalentpolitical and economic conditions (Sunkel & Inotai, 2016). This influences the mode and extentof trade based on differed policies taken up based on the varied national economic situation. Thismultiplicity can possibly lead to difficulties in carrying out exchange of goods and services. Tobring all nation under the control of one organization based on pre-fixed rules and regulations tobe followed in trade, the World Trade Organization came into existence. The paper is to present a discussion on the overall information of WTO focusing mainlyon finding out the principle reason behind recent crisis diagnosed within the organization. Thediscussion further drives our attention toward how well the understanding of economiccooperation gets justification through the analysis made in the report.What is WTO: World Trade Organization an intergovernmental international organization that controlsand regulated the trade taking place worldwide among nations. Since 1995 January 1, theorganization is operative and came into existent through Marrakesh Agreement. This agreementreplaced earlier General Agreement on Tariffs and Trade (GATT) and was supported and signedby 123 nations of the world in 1994 The organization as global international body deals with the

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