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Global Economy LecturePowerPoint
WTO 2008
CritiqueThe WTO promotes economic globalization and free trade, which
some consider problematic.
WTO treaties have been accused of unfairly favoring multinational corporations and wealthy nations. While membership is voluntary, not joining practically places the protestor under embargo. The WTO therefore creates an international system of forced economic rules which discourage change and experimentation.
Decision making in and related to the organization has faced much criticism as well. The "big three" members - the United States, the European Union, and Japan - have been accused of using the WTO to exert undue influence over less powerful member states. In addition, some believe that member states have adopted WTO treaties undemocratically or to the detriment of their citizens.
Jean Monnet is regarded by many as the architect of European Unity. Never elected to public office, Monnet worked behind the scenes as a French administrator to unify the Western European powers.
Three “Communities” Developed:
European Coal and Steel Community
Guaranteed access for all to coal and steel in Ruhr +
eliminate import duties and quotas on coal and
steel European Economic Community (Common Market)
Eliminated trade barriers and create
common tariffs + free movement of capital
and labor
1952
1957
European Atomic Community
Coordinated their nonmilitary atomic
research and technology
1957
Three “Communities” Developed:
They involved the following SIX countries:
1. France
2. Federal Republic of Germany
3. Italy
4. Benelux Union
1967: All three of the “communities” were united under the “Merger Treaty”
European Union (EU)
Created in 1992 with the Masstricht Treaty
Currently 29 members
Covers a variety of issues:
Health, Economic, Foreign Affairs, Defense
Created a free-trade union
Created single currency (Euro) adopted by 20 of 29
Misery Index 1970-1986
Combining rates of unemployment and inflation provided a simple but effective measure of economic hardship. This index represents the sum of two times the unemployment rate plus the inflation rate,
reflecting the widespread belief that joblessness causes more suffering than higher prices.