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Globalization. World Trade Organization Coursework

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Updated: Jun 12th, 2022

The world is coming closer together due to the increase in trade and businesses amongst countries. The same problems are being faced by all currently, specifically the economic crisis. The world seems to be a smaller place compared to what it used to be till even a decade ago. This reduction in the size of the globe and increase in communication between the nations of the world is what I would call ‘globalization’.

Since globalization has made the world a smaller place, it has also become easily approachable. It is easier to reach out to other nations, and an opportunity to achieve peace and friendly relations worldwide, is also a result of globalization. Globalization may affect my life tremendously especially because of the lessening of the gaps between countries, not distance-wise, but due to outsourcing and increase in trade relations. This will leave me an opportunity to seek for benefits from other countries, instead of being enclosed to the boundaries of just the one country I am living in.

My profession will also be affected due to globalization, because of the rise in world trade. Better options will be made in businesses and trade offers will be enhanced due to more exposure to a variety of nations.

The article that I am going to review is named, “The Ten Benefits of the WTO Trading System”. It is an article from the WTO, and is worth the read, due to the positive aspects regarding the organization given.

The article begins with a list of the benefits of the World Trade Organization (WTO), which are ten in number. It enlists elements such as promotion of peace, constructive settlement of disputes, reduced costs of living, rules to make life more efficient, and the sort. The ten points are then discussed in further detail one by one.

There is a positive outlook on the role that the WTO is playing according to the article. With each benefit elaborated thoroughly, we come to learn that the main aim of this organization is to promote peace and harmony amongst countries, keeping in view the principles of trading. Trading which is carried out smoothly results in lesser conflicting issues between nations.

An important point that has been included in the praise of the WTO is that when a large number of countries are interacting and trading with one another, there are more chances of conflicts. WTO plays the role of reducing such chances and resolves any disputes that arise, peacefully.

The benefits of the WTO is an unbiased write up, and has additionally mentioned that the institution aims to provide maximum justification to all countries, by giving smaller countries the chance to voice out their say too, along with the larger nations. The resulting lowering prices of food, clothing, goods and services, all are owed to the strategies put forth by the WTO.

Illustrations have also been included in the article, to make it more attractive till the very end. High employment chances after economic growth is an eye-opening point for the youngsters; economic growth can take place with the aid of the World Trade Organization.

The article selected is a beneficial one for those studying world trade specifically, and all those interested to know about how the World Trade Organization helps nations become economically, and peacefully stable.

Reference

World Trade Organization. Ten Benefits of the World Trading System 2008. Web.

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IvyPanda. 2022. "Globalization. World Trade Organization." June 12, 2022. https://ivypanda.com/essays/globalization-world-trade-organization/.

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IvyPanda. (2022) 'Globalization. World Trade Organization'. 12 June.

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