Summary of Economic Globalization

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The WTO is a body that promotes international trade and discourages protectionism. However, it has been criticized for favoring developed nations and ignoring labor rights and environmental concerns.

• 00:00:00 Economic globalization is the spread of trade, transportation and communication systems on a global scale in the interests of promoting international commerce. Protectionism is protecting one's economy from foreign competition by creating trade barriers, while trade liberalization is the act of reducing trade barriers to make international trade easier between countries. The World Bank, WTO and IMF all have different purposes, but all of them are designed to promote international trade, discourage protectionism, and prevent conflicts that may lead to another world war.
• 00:05:00 The World Trade Organization (WTO) is a body that resolves disputes between countries in a peaceful way. However, its focus on developed nations only increases economic disparities all around the world. Furthermore, the WTO promotes economic growth in "developing" nations, but they do so by favoring the rich nations and powerful transnational corporations. These organizations may have many benefits, but they also have many drawbacks. For example, the WTO lowers the cost of goods and services for those who live in "developed" countries, but often ignores labor rights and environmental concerns. Finally, the WTO promotes sustainable development, but it is difficult to achieve without also taking into account the sustainability of Earth's resources. The WTO is a body that resolves disputes between countries in a peaceful way. However, its focus on developed nations only increases economic disparities all around the world. Furthermore, the WTO promotes economic growth in "developing" nations, but they do so by favoring the rich nations and powerful transnational corporations. These organizations may have many benefits, but they also have many drawbacks. For example, the WTO lowers the cost of goods and services for those who live in "developed" countries, but often ignores labor rights and environmental concerns. Furthermore, the WTO promotes economic growth in "develop