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p. 11. Who needs an international trade organization?locked

  • Amrita Narlikar

Abstract

‘Who needs an international trade organization?’ explores why international trade organizations came into being. Economic theory suggests that trade liberalization is mutually beneficial, but in real life countries are not keen to lower trade barriers. If one country raises trade barriers, then others will retaliate and all will suffer. The rationale behind international trade organizations is to bind countries to reciprocal trade liberalization, making international trade fairer and more reliable. Two international trade organizations were proposed after World War II: the International Trade Organization was never actually formed, but the General Agreement on Tariffs and Trade lasted for forty-seven years, before being replaced by the World Trade Organization.

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