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The World Trade Organization: Concerns, Challenges

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There are also proponents of free trade, such as Thomas Friedman of The New York Times, say that it's "a fool's errand" to pressure the WTO to impose sanctions on labor, environmental, or other non-economic issues (The regulation of state trading under the WTO system). Nevertheless, the opponents of free trade claim that there are perverted perspectives of it, especially in developing countries: "In almost all developing countries that have undertaken rapid trade liberalization, wage inequality has increased, most often in the context of declining industrial employment of unskilled workers and large absolute falls in their real wages, on the order of 20 to 30 percent in Latin American countries" (The Case Against the WTO, 2000).

Thus, a crash in Asian economies, which happened several years ago led to investments and financial services leading to deregulations of WTO. In the result, there is a huge increase in poverty. There are many options for different countries in the ways of their development. Thus, they can help their people by the development of their basic industries, such as food and fuel.

WTO is looking for the transformation of economies into export-oriented platforms (The regulation of state trading under the WTO system). In accordance with that theory, a low level of payments would lead to a cheaper workforce, which will be luring for other companies in hiring your workers. The risks of a trade war are huge! Therefore, WTO is at risk, if its policies are not accepted by the international community. These challenging relations can be compared in terms of globalism comparison with isolationism. Nowadays is the epoch of corporate globalism but corporate globalism.

Everything that happens in the world is in the name of the multinational companies. In the modern age of multinationals, people should be looking forward to finding alternative solutions. For example, WTO represents the Institutionalist perspective, when they are focused on e labor rights, human rights, and environmental protections in their rule-making (The regulation of state trading under the WTO system). WTO wants to regulate the world.

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