Read more...

Launched in 1995, the World Trade Organization (WTO) completed the Bretton Woods trio with the World Bank, and the International Monetary Fund in promoting neoliberalism and corporate globalization. The WTO was particularly special in its power to legally enforce and penalize countries, taking away the policy space of governments, and on several occasions, forcing them to change their national laws in order to implement global free trade rules.

Not long after its launch however, new negotiations to deepen the rules and expand the reach of the WTO had failed thanks to massive protests in Seattle (1999), Cancun (2003), Hong Kong (2005), and the controversies around massive agricultural subsidies in the north. Recent years have seen it stalemated into an impasse but despite the lack of progress in the expansion, the existing 60 agreements that are in place in the WTO are still currently being implemented.

Read more...

Subcategories