World Trade Organization is the Way to Go Essay -- Commerce GATT Argum

macrocosm consider Organization is the Way to Goalways since man has been engaged in international commerce, trade disputes postulate existed. Adam Smith observed trade disputes everyplace 220 years ago in The wealth of Nations. In Smiths eyes, if a trading partner imposed restrictions on your exports, then you had the right to punish and impose restrictions on their imports. He mat that coloured trade dispute gag law was the right thing to do. However, Smiths answer to settling trade disputes was shortsighted. In an geological era where his home country, England, was the superpower of its time, Smith could not foresee the creation of an international organization to regulate trade and commerce around the world. With the creation of the General promise on Tariffs and guile (GATT) in 1947 and its successor, the World Trade Organization (WTO) in 1995, the world is capable of handling trade disputes between nations. The creation of the WTO and its improvements upon the GATT fr amework have proven that trade disputes are give way settled through a multilateral system and not unilaterally.The creation of the General Agreement on Tariffs and Trade (GATT) in 1947 was a step in the right direction for handling trade disputes. At that time there was no international dispute resolution system in effect. Countries handled disputes either bilaterally or unilaterally. However, the GATT dispute settlement system was rather weak and not used effectively. More than often countries mistreated it or simply ignored it. scour with these faults, the GATT provided a strong foundation for the WTO to be built upon after the Uruguay Round.The United States took advantage of the weakness of the GATT dispute settlement system use its own unilateral methods to handle di... ... January 1998. Explaining Patterns of GATT/WTO Trade Complaints. Working Paper. Weatherhead Center for external Affairs. Available at https//wwwc.cc.columbia.edu/sec/dlc/ciao/wps/sec01/sec01.htmlSmith, A dam. 1776 (1981 reprint). An Inquiry into the disposition and Causes of the Wealth of Nations. Indianapolis Liberty Fund.Valihora, Michael S. move/Summer 1998. NAFTA Chapter 19 or the WTOs Dispute Settlement Body A Hobsons Choice for Canada? crusade Western Reserve Journal of International Law. Volume 30 Numbers 2, 3, pages 447-487.World Trade Organization. February 1998. Case StudyThe Timetable in Practice. Available at http//www.wto.org/wto/ closely/dispute3.htmWorld Trade Organization. February 1998. WTO, Settling Disputes The WTOs most individual contribution Available at http//www.wto.org/wto/about/dispute1.htm World Trade Organization is the Way to Go Essay -- Commerce GATT ArgumWorld Trade Organization is the Way to GoEver since man has been engaged in international commerce, trade disputes have existed. Adam Smith observed trade disputes over 220 years ago in The Wealth of Nations. In Smiths eyes, if a trading partner imposed restrictions on your exports, then you had the right to retaliate and impose restrictions on their imports. He felt that unilateral trade dispute settlement was the right thing to do. However, Smiths answer to settling trade disputes was shortsighted. In an era where his home country, England, was the superpower of its time, Smith could not foresee the creation of an international organization to regulate trade and commerce around the world. With the creation of the General Agreement on Tariffs and Trade (GATT) in 1947 and its successor, the World Trade Organization (WTO) in 1995, the world is capable of handling trade disputes between nations. The creation of the WTO and its improvements upon the GATT framework have proven that trade disputes are better settled through a multilateral system and not unilaterally.The creation of the General Agreement on Tariffs and Trade (GATT) in 1947 was a step in the right direction for handling trade disputes. At that time there was no international dispute sett lement system in effect. Countries handled disputes either bilaterally or unilaterally. However, the GATT dispute settlement system was rather weak and not used effectively. More than often countries abused it or simply ignored it. Even with these faults, the GATT provided a strong foundation for the WTO to be built upon after the Uruguay Round.The United States took advantage of the weakness of the GATT dispute settlement system use its own unilateral methods to handle di... ... January 1998. Explaining Patterns of GATT/WTO Trade Complaints. Working Paper. Weatherhead Center for International Affairs. Available at https//wwwc.cc.columbia.edu/sec/dlc/ciao/wps/sec01/sec01.htmlSmith, Adam. 1776 (1981 reprint). An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis Liberty Fund.Valihora, Michael S. Spring/Summer 1998. NAFTA Chapter 19 or the WTOs Dispute Settlement Body A Hobsons Choice for Canada? Case Western Reserve Journal of International Law. Volume 30 Numb ers 2, 3, pages 447-487.World Trade Organization. February 1998. Case StudyThe Timetable in Practice. Available at http//www.wto.org/wto/about/dispute3.htmWorld Trade Organization. February 1998. WTO, Settling Disputes The WTOs most individual contribution Available at http//www.wto.org/wto/about/dispute1.htm