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WTO was created in 1995 as a result of the General Agreement on Tariffs and Trade (GATT), and its primary objective is to govern international trade, by introducing regulations which guarantee free trade and enforce those rules. In case of infringement, WTO may also punish offenders. The institution has become one of the most criticized international organizations on Earth. Anti-globalists claim that WTO is not favorable to democracy and a threat to environment.
We should first look at the phenomenon of Economic Globalization itself, in order to understand the problems which it generates. In the business world, Globalization is often referred to as a comprehensive term for the emergence of a global society in which economic, political, environmental, and cultural events in one part of the world quickly come to have significance for people in other parts of the world. In other words, the interactions between people and/or companies have widespread consequences on others, even if it seems to be far-fetched, because of the distance. Globalization is the result of advances in communication, transportation, and information technologies. It describes the growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world.
At this point I have to point out that Globalization has both negative and positive aspects. Among the negative aspects are the rapid spread of diseases, illicit drugs, crime, terrorism, and uncontrolled migration. Many critics also point to the exploitation of cheap labor in poor countries by multinational corporations. The positive aspects are, among other things, a sharing of basic knowledge, technology, investments, resources, and ethical values, which is supposed to accelerate the economic growth and consequently increase living standards around the world.
Let me first discuss the critics of the Economic Globalization and whether the criticism is justified