Question

Write a 1-2 page essay on whether the globalization of the world's economy resulting from the existence of the WTO has improved or worsened the lives of people throughout the world.

Answer 1

World Trade Organization known as WTO is the international organization of countries in the world to facilitate the international trade. The WTO helps countries to come together, discuss and share the differences to find out amicable ways to work together. It has facilitated the globalization efforts across the world. It has caused the countries to work upon their advantages and produce on the basis of comparative advantages. It has brought many benefits with few disadvantages to the people across the globe due to globalization.
The first benefit is creation of employment and increasing the purchasing power of individuals in different countries. It has happened due to the opening up of the trade opportunities, foreign direct investment and increasing the demand of local labor force. As a result, the workforce in the economy has got new opportunities of employment. It has raised the purchasing power of the individuals.
The second benefit is the presence of products of superior quality at competitive prices. It has changed the focus upon the consumerism and consumers have benefited from the international trade. Besides, the firms are becoming competitive and focus upon value creation for the consumers. It has helped he consumers.
The third benefit is the development of standardized policies contributed by WTO. It has liberalized the rules and now consumers get consumer protection laws where the interest of the consumers are taken care off. It has benefitted the individuals in different parts of the world.
The fourth benefit is the development of infrastructure and other facilities. It has enhanced the level of amenities available to the people such as health care, schooling and telecom facilities.
The fifth benefit is focus upon human capital development. WTO demands countries to focus upon the development of skilled labor and it is only possible when countries make investment upon the skills development programs. It helps people as the get more skilled, creating opportunities to do a job that offers higher wages.
Though here are some disadvantages also. The first disadvantage is treating nations as a market. MNCs don’t focus upon the best interest of the economy and I harms the people. The second disadvantage is the loss of environment that ultimately harms the people who live with it. WTO is not doing enough to control the harm caused to the environment. Besides, there are disadvantages of lax government policies due to corrupt bureaucracy , exploitation of people and dumping of poor quality product to the people.
So, WTO initiatives have benefitted to the people, but it has caused issues also where the government is no focused and not making visionary policies.