Economic Globalization And The World And Global Trade

Introduction

The players of the international political economy contribute to an important role in the arena of world/global trade. The World Trade Organization characterises the possibilities and contradictions of world trade. These areas will be critically discussed utilizing contending theories from the field of the IPE along with supporting evidence from the global political economy. The first section will cover what is trade and the theories surrounding trade. The second section will look at economic globalization and the World Trade Organization. The third section will take a look at the benefits of international trade/ World Trade Organisation and also the drawbacks of international trade and operation in the powerful global arena. The fourth section will question where developing states stand and any policy prescriptions and any areas for further research.

Trade

Trade between people has been in existence since the stone age it started with barter where people exchanged their own valued good for another good they want. Barter is still in use today even by our own governments, trading one valuable possession for another needed valuable possession. (Davies 2002) noted that other forms of facilitating trade have been introduced over the centuries, from cattle during 9000 - 6000 B.C., to cowrie shells in 1200 B.C mainly used by the Chinese and in some parts of Africa, then the shift to the first metal money and coins around 1000 B.C also used first by china, in 500 B.C. modern coinage was introduced and first appeared in Lydia which is part of Turkey, Leather money was then introduced around 118 B.C., A.D. 800 – 900 brought about “the nose” The phrase "To pay through the nose" comes from Danes in Ireland, who sl...

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...erred to Mexico where labour was much cheaper and it would have been east to operate. The WTO offered no assistance to Jamaica here either.

Conclusion

In closing we would sit and think who would benefit from world trade, would it be big corporations, developed countries, powerful states and government entities? Does globalisation really offer any real benefits to the Caribbean and other developing states?

The developing states in the world need a voice, a voice which much be heard and acknowledged so proper and effective development can occur without them being taken advantage of or used for other countries to strengthen their economies.

The possibilities of policies in the Caribbean as one unified Caribbean to be a voice in the area of World Trade along with collective development of the Caribbean economies under this unified body both economically and socially.