The Role of WTO, IMF, and WB in the World Economy
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Analyze the roles played by the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank in the world economy. Why do their actions often generate hostility, and is it deserved? Explain your answer and give some examples.
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Solution Summary
The solution dissects the the roles played by the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank (WB) in the world economy. Though these agencies are founded to ensure that trade flows freely, there are other sectors that brand them negatively.
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The World Trade Organization (WTO)
The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible (World Trade Organization, 2012).
With the WTO any member-countries are subject to their trade policy of zero tariffs on trade.
The organization faces criticisms because it is deemed undemocratic, it will not make us safer, it tramples labor and human rights, it would privatize essential services, it is destroying the environment, it is killing people, it is increasing inequality and hunger, it hurts the poor, small countries in favor of rich powerful nations, and it undermines local level decision-making and national sovereignty (Global Exchange, ...
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