Question

GAAT, WTO, IMF, WORLD BANK. In what ways are they similar? In what ways are they different?                                                                                                                             

Answer 1

Similarities:

GAAT, WTO, IMF, WORLD BANK, this all four organization are international organisations and has been established to facilitate it's memeber countries.

The goal of these organisations is to improve the welfare of the peoples of the member countries, to promote globalisation, facilitate trades, help in economy growth of it's memeber countries.

So these organisations, framework for economic cooperation and development that would lead to a more stable and prosperous global economy.

While, the way this organisations are different, in detail listed below:

The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations.Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

While The GAAT is an General Agreement on Tariffs and Trade, basic principles applicable to trade in goods have been incorporated into other WTO agreements dealing with other areas of trade, such as trade in services and trade in intellectual property products and, it also provided the very first dispute settlement provisions upon which the WTO dispute settlement system is built.

The International Monetary Fund is a cooperative international monetary organization, provides its members with macroeconomic policy advice, financing in times of balance of payments need, and technical assistance and training to improve national economic management.

Whereas the World Bank promotes long-term economic development and poverty reduction by providing technical and financial support to help countries reform particular sectors or implement specific projects such as building schools and health centers, providing water and electricity, fighting disease, and protecting the environment. World Bank assistance is generally long term and is funded both by member country contributions and through bond issuance. World Bank staff are often specialists in particular issues, sectors, or techniques.