The Uruguay round would designate that the WTO, through its primary role as a mediator, negotiator, and monitor of international trade policies and disputes, serves by design as a gatekeeper of international trade, offering the structural conditions and assembled authority to exact a legitimate level of authority over its member nations.
A good example of how the WTO has strengthened the international governing community's ability to provide oversights for its member nations comes from the 1994 rounds of negotiation in Uruguay which essentially defined and forged the WTO from the shadows of the GATT. In a consideration, for instance, of the newly afforded power to engage in the process of dispute settlement, we can see that the WTO would have an expansive impact on the power of those who had already acted under the propositions of the GATT. The declaration produced by this round of talks would proceed by stating of its party nations that "recognizing that their relations in the field of trade and economic endeavour should be conducted with a view to raising standards of living, ensuring full employment and a large and steadily growing volume of real income and effective demand, and expanding the production and trade in goods and services, while allowing for the optimal use of the world's resources in accordance with the objective of sustainable development, seeking both to protect and preserve the environment and enhance the means for doing so in a manner consistent with their respective needs and concerns at different levels of economic development." (Mercatoria, 1994) This set of provisions as an impetus for the development of the WTO was to suggest that the failure of the GATT to facilitate the effective growth and development of third world economies was to be directly addressed. Thus, the organization itself would be awarded expanded authorities and entitlements under its new name.
With these new authorities, the WTO would aggressively foster an atmosphere of deregulation for those with the resources to move operations into these developing contexts. The influx of production operations would introduce a bevy of negative conditions for new host nations, with our case discussion on Wal-Mart serving as a particularly effective example of said conditions. What is perhaps most compelling about the meteoric rise of Wal-Mart's relevance to both the nature of America's consumer culture and the scale of its swelling late 20th century economy is its capacity to accomplish this with an absolute commitment to the lowest consumer prices. This is a measure which Wal-Mart has attained almost regardless of the consequences outside of its monstrous market-share. In a collection of critical essays edited by Lichtenstein (2006), entitled Wal-Mart: The Face of Twenty-First Century Capitalism, the reader is given disturbing insight into the duality of Wal-Mart. Lichtenstein describes a chain which simultaneously imposes the expectation of low cost upon its consumer and the practice of globalization as a measure of cost-cutting upon its competitors.
This has a ripple effect on the economy as a whole, cutting through a broad swathe of sectors in a practice which essentially off-shores production, contributes very little spending to local advertising and creates increasingly fewer domestic stock and facility jobs by relying upon a global supply chain. As a result, "with quick and reliable 2-day turn around, Wal-Mart is able to maintain lower levels of inventory and still meet customer demand. These lower inventory levels result in either a reduced floor plan with lower carrying costs and lower interest expense -- or a greater diversity of products on the store shelves." (Collins, 2007) Naturally, this enhances the profitability of the operation but also significantly diminishes the number of jobs created by the chain on the domestic front. This seeming contradiction points to the core irony of globalization with respect to its stated goals of collective economic and social advancement.
Ultimately, given the pattern demonstrated by legislation on trade across the last century, there is no denying that to a large part, globalization is a process which is the inevitable byproduct of an evolution beyond the relevance of the nation-state in a shrinking global village. As many regard it, the endeavor is a naturally occurring "paradigm shift from which there is no escape." (Monshipouri, 2005) And while market theory tends to bear out this resolution, it does not suggest that the approach which is currently being undertaken is the most optimal way to make such a paradigm shift function to the benefit of an international collective. The WTO has afforded the conditions of the GATT a body with the capacity for conscientious oversight...
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