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The World Trade Organization - Is It a Positive Influence on the World Economy

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Public goods— which in the local context may comprise a national defence agency or uncontaminated air— are identified as being ‘ non-excludable’ (“ if available to anyone it is available to everyone” ) and ‘ non-rival’ (“ one person’ s use does not prevent another person’ s use” ).  Due to these aspects, market forces by itself usually do not produce adequate inputs to raise the best possible qualities of public goods. In order to prevent this market collapse, government intervention is usually needed to make sure that public goods are adequately distributed or provided. There are claims that free trade is an international public good, or, a good that is felt globally, like world peace or extermination of a contagious disease.   Cooperation of most, but preferably of all, countries are needed to attain a global public good.

Thus global supervision is required, through the WTO, to bring together the agreements of member countries to open their markets.   The liberalization of trade has boosted the supply of goods and the level of production and general economic development of nations participating in it. Trade has encouraged economic progress and technological developments, and in numerous ways, it has created constructive interdependencies among nations.

The WTO ensures that markets are open for global trade because this is what its members oblige it to do.   Not all nations have gained evenly from the liberalization of trade because they lack the domestic ability to exploit or profit from market opportunities or they do not have the same level of access to international markets. In order for the trade to capitalize on its benefits to the economy, greater efforts should be initiated in these countries to create their economic and political strength, their important educational and physical resources, and their ability to participate in the international trading system.       Trade is a particular component of global order, and countries should try hard to build a global governance system that embraces a complex world of environmental, social, political, and economic interests.

However, it is vital that the WTO carries on with its role unhindered by disruptive non-trade forces.    

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