The IMF, World Bank and the WTO
7. The World Trade Organisation Robert J. Riley INTRODUCTION In many respects, academic criticism of the World Trade Organisation is much less intense than that of either the World Bank or the International Monetary Fund. Anne Krueger (1998), in her discussion of the evolution of Bank and Fund policies, writes that: In pondering these issues, one striking fact should be borne in mind: the most effective institution over the past half century – judged by world economic performance – was the GATT, which was not even an international organisation. The WTO came about, almost without planning, because it was in the interests of the major trading nations to strengthen the organisation. (p. 2017) John Jackson (1994) also argues that the GATT has been tremendously successful, and proposes some of the reasons behind its record since it was founded. He writes that: Despite this inauspicious beginning, the GATT has been remarkably successful over its nearly five decades of existence. Its success is partly due to its ingenious and pragmatic leadership, particularly in its early years, as the GATT struggled to fill the gap left by the failure of the International Trade Organisation. (p. 134) He argues that while the GATT suffered from many early problems and ‘birth defects’, including ineffective dispute resolution mechanisms, it has managed to evolve and improve over the past 50 years. He finds the creation of the WTO, with the establishment of that mechanism in particular, to be yet another step forward in its institutional development. In a similar...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.