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What roles do the IMF and the WTO play in globalization
Transcript of What roles do the IMF and the WTO play in globalization
by: Felipe Briones Montemayor
Federico Gonzalez Valdez
The IMF or International Monetary Fund is an international organization of 188 member countries that works to ensure the stability of the international monetary and financial system. The IMF’s mandate includes facilitating the expansion and balanced growth of international trade, promoting exchange stability, and providing the opportunity for the orderly correction of countries’ balance of payments problems. The IMF was established in 1945.
What is the IMF?
The WTO or World Trade Organization is an international organization of 160 members that deals with the rules of trade between nations. With Russia’s accession in August 2012, the WTO encompasses all major trading economies. The WTO works to help international trade flow smoothly, predictably, and freely, and provides countries with a constructive and fair outlet for dealing with disputes over trade issues. The WTO came into being in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) that was established in 1947.
What is the WTO?
First of all, the IMF makes loans to "developing" countries to help them build infrastructure. But when these countries can´t pay back the debt the countries need to sell either natural resources or important companies. And that is the part where the WTO steps in and makes the deals with the country who wants to sell the goods and the country who is going to buy them.
What roles do they play in globalization?
In short, we can say that the IMF and the WTO play a huge role in globalization. Developing countries get loans they can´t pay so they need to sell industries or natural resources. Then a rich country with help of the WTO buys the industries or natural resources from that country and they can do whatever they want with them. And because of that many foreign countries like General Electric (USA) will be in places like Brazil.
1. Factsheet -- The IMF and the World Trade Organization (Factsheet -- The IMF and the World Trade Organization)
2. World Trade Organization (WTO) And Its Role in Globalization: An Analysis | Youth Ki Awaaz (Youth Ki Awaaz)
3. Profile: IMF and World Bank (BBC News)