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UNRESTRAINED COMPETITION IN FREE MARKETS: DEVELOPING COUNTRIES AND THE WTO REFORM
FE2036 Globalization
By
Nora Adel
TABLE OF CONTENTS
1. Abstract 3
2. Introduction 4
3. The Two Sides of the WTO 5
4. Protectionism 6
4. Unrestrained Competition: 7
5. The Main Debate 8
6. Primary function of the Global New Deal 11
7. Conclusion 12
8. References 13
9. Bibliography 17
1. Abstract
In this paper, the debate about whether free trade is beneficial to third world countries is explored. On one hand are the WTO advocates ranging from powerful WTO members like the United States to full-fledged commercial corporations supporting globalization and the benefits free trade has brought with it and on the other hand are the left-wing critics who consist of democrats, governments, cultural custodians, and environmentalists, etc. who argue about the activities and the competition the WTO has brought along with it .This paper argues for the reform of the WTO internally with the aid of richer countries to help Third World countries become more developed and for this to occur change within the WTO is vital.
2. Introduction
Globalization is the buzzword of the 21st century but globalization is not really new. Even though it is difficult to define globalization it is generally thought of as being the "free flow of capital and trade between nations unhindered by geographical barriers or government policies" (Albert 2000).The term globalization came into being in the 1980's but the concept is hundreds of years old. Events leading to globalization can be traced back as far as 1492 B.C.E. This was a time when people began to communicate and travel around the world. After World War II, in 1944, 44 nations came together at Bretton Woods, New Hampshire, to further...
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