Podcast
Questions and Answers
What was the primary aim of the General Agreement on Tariffs and Trade (GATT)?
What was the primary aim of the General Agreement on Tariffs and Trade (GATT)?
What is a significant difference between GATT and the World Trade Organization (WTO)?
What is a significant difference between GATT and the World Trade Organization (WTO)?
Where is the headquarters of the World Trade Organization (WTO) located?
Where is the headquarters of the World Trade Organization (WTO) located?
What aspect of trade does the WTO primarily focus on?
What aspect of trade does the WTO primarily focus on?
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Which of the following is a criticism mentioned regarding the WTO's decision-making processes?
Which of the following is a criticism mentioned regarding the WTO's decision-making processes?
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Which organization was established primarily to assist countries facing financial trouble?
Which organization was established primarily to assist countries facing financial trouble?
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What was a primary goal of the World Bank as described?
What was a primary goal of the World Bank as described?
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What economic ideology underpins the World Trade Organization (WTO)?
What economic ideology underpins the World Trade Organization (WTO)?
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Which of the following was a specific limitation of the WTO noted in the content?
Which of the following was a specific limitation of the WTO noted in the content?
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What was a key function of GATT before the establishment of the WTO?
What was a key function of GATT before the establishment of the WTO?
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Study Notes
GATT
- Signed in 1947 by 23 countries
- Agreement aimed at minimizing trade barriers by reducing quotas, tariffs, and subsidies
- Focused on trade goods through multinational trade agreements negotiated in rounds
- Led to the creation of the WTO during the Uruguay Round (1986-1993)
WTO
- Only international organization dealing with global trade rules
- Ensures smooth, predictable, and free trade flows
- Headquartered in Geneva, Switzerland
- 152 member states as of 2008
- Unlike GATT, it’s an independent multilateral organization responsible for trade in services, non-tariff barriers, and broader trade liberalization
- Based on neoliberal principles, with the belief that reducing barriers benefits all nations
Criticisms of the WTO
- Developed countries' trade barriers are difficult to counter, particularly in agriculture
- Decision-making processes are heavily influenced by larger trading powers, excluding smaller nations
- Lack of involvement from International Non-Government Organizations (INGOs) leads to protests and demonstrations
IMF & World Bank
- Established after World War II as part of peace advocacy efforts
- International financial institutions founded by countries
- Work together to support global economic stability and development
- IMF focuses on short-term financial assistance to countries in crisis
- World Bank aims for long-term poverty eradication by funding development projects in poor countries
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Description
Test your knowledge on the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). This quiz covers their histories, functions, and criticisms, highlighting the evolution of global trade rules. Discover how these agreements impact trade between nations.
