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The Three Views

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The Three Views and WTO

Globalization has extended the opportunities available for economic growth leading to extensive lobbying amongst world financial institutions. The high influence of exchange rates has also extensively affected business transactions. The price of commodities, air fare tariffs, foreign exchange levels and export and import licenses have been affected across world markets. The World Bank, major banking institutions, World Trade Organization and UN agencies have converged to control the world markets from various levels due their extensive consultations and economic persuasions on vital financial matters. The economic control by these organizations has also lead to political and social influences amongst various nations across the world. Most countries’ sovereignty has been weakened especially amongst third world countries has they depend on financial support from these organizations for their financial stability (Gregory, 2000).

The three main economic principles, economic liberalism, nationalism and structuralism can be used to analyze the functioning design and operation of WTO. Let us look at each of these perspectives and how they can be used to explain design of WTO:

Economic liberalism, a principle that supports laissez faire economics also greatly values private property in production. It analyses the specific institution that produce a certain commodity e.g. wine production in Italy. The principle refutes the intervention of governments in market influences but it supports the intervention of governments to guard against exploitation of consumers. It maintains the importance of the state to provide public goods and services without tapering into the running of economies. For instance, Adam Smith asserted that it’s the role of the state to provide sufficient infrastructure e.g. roads, railway lines and schools in order to support…...

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