The Economic Growth of Developing Countries Assignment

The Economic Growth of Developing Countries - Assignment Example More recently WTO has focused upon the need to sustain an open multilateral trading framework, particularly in the light of the proliferation of regional blocs. In spite of some weaknesses and limitations of its strategies, WTO has benefited the economic growth of developing countries and involves them in free trade relations and international trade. The main question worried many nations and economists "Does WTO really promote free trade or just control the international trading relations and economic order The WTO was established on 1st January 1995 by the Marrakesh agreement. It was a new agreement between the global nations which improved and extended articles of GATT established in 1947. .WTO differs from GATT as it is based on different principles and policies of trade relations. GATT is just a set of rules while WTO is an international institution with governing bodies. In contrast to GATT, WTO commitments are full. GATT rules and principles of trade cover only retail trade while WTO regulates services and intellectual property industries. The main difference is that WTO is based on multilateral agreements applied to all members of the institution while GATT involved selective agreements applied to some local economies. The befit of WTO is that it is undeniable that trade policy leaders have their own bases of support, such as interest groups and the bureaucratic institutions they direct. As they depend on those bases to maintain their current position, policymakers' interests, pr iorities, and responsibilities in policy making are put by their support bases. In fact, the state-oriented approach underlines the importance of the demands of society on trade policymaking. In contrast to GATT, WTO has a stricter system of trade control and does not permit trade violations. Trade violations involve such impotent issues as labor relations and environmental concerns. These rules and principles can be seen as a response to dissatisfaction with the explanatory power of international trade relations that concentrate on international factors or assume country interests to be external. Such attempts are grouped by WTO into four, based on their characterization of the international and the domestic, and the lines of responsibility they draw between these political issues. WTO has a set of laws aimed to restrict the activity of those companies which violate accepted rules and norms of international trade. The domestic and international relations each possess different and distinct features and limitations on country action; thus domestic goals are more effectively pursued with international trade strategies.

Three historical actors Assignment Example | Topics and Well Written Essays - 1500 words

Three historical actors - Assignment Example The most spoken language is English, with Roman Catholicism as its official state religion. It’s the largest economy in the USA, with a range of industries, and has the leading sports activities in the entire country (Cooke, 2005). In this five-page paper, I am going to talk about three historical actors who played significant roles in shaping California and the reasons behind their shaping positions. Industrialization, as an actor, played significant roles in the shaping of California’s present environment, both natural and manmade, during the early 19th and 20th Century. The country went through a rapid growth through industrialization, increasing both its agricultural and industrial power. â€Å"Industrialization led to make the California economy to specialize in agriculture, oil, tourism and shipping among others, which later resulted in a rise in technological advancement† (Jakes, 17). The state improved in aerospace and electronics industry, leading to the emergence of film stars of the Hollywood, making the country attract attention from all over the world. Industrialization later resulted in high advancement levels of computers in the country, specifically in the Silicon Valley, thereby emerging as the global center for all the process of innovation and invention of computers. The discovery of oil in California, during the periods of 1848 was later enhanced by industrialization that brought in all the technological machinery that got required for the process of extracting the oil. Later on, the state got in a position to develop all the machinery needed for manufacturing the oil since it was purely crude oil. This can get attributed to the necessity of industrialization to meet the increasing oil demand by the growing population in this state. The crude oil got manufactured, and different petroleum products such as oil gas, paraffin, kerosene, diesel, among other bi-products got made (Isenberg, 11). Some of these products were