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POLI 243 (70)
Chapter 2

POLI 243 Chapter 2: Book Chap 2

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Political Science
POLI 243
Anthony Imbrogno

Saturday, 4 February 2017 WTO (Chap 2 of book) What is the WTO? - Where govs negotiate, enforce and revise rules regarding int’l trade policies - GATT was founded in 47’, changed to WTO in 94’ - Small compared to other int’l institutions : $170 million budget - 3 district categories: it’s a set of rules, an intergovernmental bargaining process & a dispute settlement mechanism - 2 core principles: Market liberalism: a world open to trade will raise std of living; the more free flowing • it is, the more the gains • Nondiscrimination: each member faces identical opportunities to trade with another member. Govs are not allowed to favour certain nations, except in the case of a regional trade agreement. They are also prohibited from using domestic policies to provide an advantage to domestic firms at the expense of foreign ones. - Intergovernmental bargaining process is primary decision making process, done in rounds. Today, 8 have been completed, 9th is stalled. - Dispute settlement mechanism makes sure gov’s respect the rules and principles - Hegemonic stability theory: the WTO has the characteristics of a public good (non- rival and non-exclusive) and therefore would face pb of free riding as there are many members. However, the theory states that when there is a Hegemony, the most powerful state will supply more than the others, and free riding pb will be overcome. Its benefits are superior to all its costs. - Today, WTO is evolving, primarily
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