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Reading 16.docx

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GEOG 216
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Reading 16The world trade organizationITO was supposed serve to limit the restrictive and protectionist business practices that had brought about the great depression in the 1930s but formed GATT which was a weaker institution that does not require formal ratification by member parliaments but just need a contract between countriesTwo liberal and unexceptional principles in GATToPromote free tradeoPrevent the trade warsNational treatmentWTO is much stronger institution has legal status similar to the UNoHad a dispute settlement body to enforce these rules and principlesTook care of services and patents as well as physical trade issuesHave major implications for the working of markets worldwide and the prospects for sustainable development and the alleviation debt and for progress toward democracy in the developing worldCommodity prices dont come under the WTOHosts rounds arrangements are negotiated and disputes resolved Decision by consensusThe Uruguay round too 8 years 19861994 and another 7 years to agree to the shape for the next round of deliberationsBox 74 The world bank inspection panelIt was created I response to international environmental and human rights campaigns and criticisms oInspection panel represents civil society organization that effect change in the operation of an international financial institutionoSocial and environmental reforms at the world bank towards more sustainable developmentoA mechanism through which the world bank itself is becoming more accountable through striving for greater compliance with its own social and environmental policiesoCitizens of developing countries can complain about the environmental and social costs of world bank projects without going via the national governmentBox 75Disagreement between developing countries and the US because of the USs threat to link trade with labour standardAt Doha developing world made strong representations against the inclusion of a number of new issues that the EU wanted included in the next round of negotiations
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