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Tag Archive 'world trade organization'

World Trade Organization

February 8, 2008

The World Trade Organization is founded on the principle of comparative advantage, well recognized by the Modern economists, that different countries enjoy absolute advantage in the production of different goods, since they are differently gifted by the nature: it may be expensive to produce certain goods and cheaper to import. A country may have greater comparative advantage in the production of certain goods over the others.

This classical theory of economics took its practical shape in the manifesto of W.T.O which transcends all barriers imposed by the nations and emphasizes the functioning of free trade amongst the nations. Then why the feeling of unease and protests against the W.T.O which are not based on unfounded fears, but some facts of the underdeveloped nations manifest the circumstances apparent in the economic scene of their lives. The disagreements do not arise by the global trade but by the resultant affects of the globalization and the very rule of the body governing the W.T.O. if we understand the arguments of the both sides we can solve maladies believed to be caused by the W.T.O.

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