This video lays out some of the widely discussed strengths and weaknesses the WTO. For instance, a strength may be that the WTO gives developing nations an
This video lays out some of the widely discussed strengths and weaknesses the WTO. For instance, a strength may be that the WTO gives developing nations an incentive to move toward freer trade policies. But, the WTO is often criticized for not doing more to tackle agricultural subsidies and tariffs which serve as major barriers to trade for developing nations. This video also takes a look at whether the WTO actually increases trade, or whether countries are naturally moving toward free trade, as we've seen by the increase in bilateral trade agreements.
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In light of the somewhat waning potency of the WTO in favor of bilateral agreements, should international free trade be touted less emphatically by various economic liberalization advocates /presuming that there are some shrinking marginal returns to lobbying for freer trade, especially if one is interested in alleviating world poverty on an international level/? With the culling of trade protectionism to basically agricultural goods, that industry, more likely than any other, would be a thoroughly entrenched lobby /for the simple fact that agriculture is usually a very early activity wherever it is possible on Earth/. Thus, dispelling agricultural protectionism would be high hanging fruit in the orchard of political economy.