Compare and contrast d role of WTO in globalisation?

Question

Compare and contrast d role of WTO in globalisation?

Answer 1

From wikipedia - 'Globalization can be defined as the worldwide integration of economic, cultural, political, religious, and social systems.

There are several definitions, many of which mention the increasing connectivity of economies and ways of life across the world. While some scholars and observers of globalization stress convergence of patterns of production and consumption and a resulting homogenization of culture, others stress that globalization has the potential to take many diverse forms.

In economics, globalization is the convergence of prices, products, wages, rates of interest and profits towards developed country norms. Globalization of the economy depends on the role of human migration, international trade, movement of capital, and integration of financial markets. The International Monetary Fund notes the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions, free international capital flows, and more rapid and widespread diffusion of technology. Theodore Levitt is usually credited with globalization's first use in an economic context.'

The WTO is involved in enabling this to take place, and aims to mediate in disputes as well.

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Answer 2

WTO is a mechanism of the rich countries to exploit the natural resources of the poor countries.

Answer 3

Rich countries have propped up WTO.  It will make its members extend their protections to mega corporations at the cost of its own welfare.

In another view, WTO is a way by which rich countries will plunder the poor ones.  But just when the poor ones start realising, the rich will leave them poor and go looking for other gullible poor.