Global Economy : Significance and Anchors

This Lecture talks about Global Economy : Significance and Anchors.

[@shreyatripathi-3257]

👍👍

[@prairana7977]

Thank you Ma'am for this detailed information on global economy.. National economies are becoming closely integrated into single interdependent economy called global economy. The international political and domestic forces produce a new field of study called global political economy. Global institutions are known as anchors of the global economy. Significance of global economy- 🔸It sometimes makes things available cheaper 🔸Improves efficiency of key process Gives new pool of resources 🔸Encourages growing economic activities

[@aditiprasad580]

Thank you mam.. For sharing your informative lecture here... What I learnt is..WTO performs many positive roles in the world's economy.. As this is the only organisation which deals with the global trade rules.. To make the trade more prosperous

[@surbhibhatia2037]

It was refined over eight rounds of negotiations, which led to the creation of the World Trade Organization (WTO). It replaced the GATT on 1 January 1995. The GATT was focused on trade in goods. It aimed to liberalize trade by reducing tariffs and removing quotas among member countries.

[@surbhibhatia2037]

It's a great video , well explained the topic .

[@APURVA_JAMWAL]

Greetings respected ma'am WORLD ECONOMY- SIGNIFICANCE AND ANCHORS The global economy provides linkages between the regions and nations of the world in a system of economic relationships. These relationships involve the exchange of goods and services, financial flows across borders, exchanging different nations' currencies, movement of people in search of better standards of living. CATEGORIZATION OF WORLD ECONOMY Economic systems can be categorized into four main types:- a) Traditional economies b) Command economies c) Mixed economies d) Market economies. Key factors that influence and affect how well the global economy works:- a) Natural resources b) Infrastructure c) Population d) Labour e) Human capital f) Technology e) Law. Thanks a lot for this interesting video lecture. Best wishes

[@surbhibhatia2037]

In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.

[@surbhibhatia2037]

The creation and existence of the United Nations has been called one of the classic examples of political globalization. Political actions by non-governmental organizations and social movements, concerned about various topics such as environmental protection, is another example.

[@shrutinegi9517]

Thank you mam for such a wonderful lecture. 1. Trade Negotiations The WTO facilitates trade negotiations among countries by providing a framework to structure the agreements, as well as providing dispute resolution mechanisms. It creates an international legal framework that ensures the smooth exchange of good and services among the member countries. 2. Implementation and Monitoring Once the agreements are negotiated, the job of the WTO is to ensure that the signatory countries adhere to their commitments in practice. It also produces research based on the impact of the agreements on the economies of the countries involved. 3. Dispute Settlement The WTO also acts as a dispute settlement body when there is a trade conflict between its member states. The members of the WTO can file complaints against other member states if they feel the trade and economic policies of a country are divergent from their commitments under one of the agreements of the WTO. Following the complaint, there are formal hearings like a court until a settlement is reached. 4. Building Trade Capacity The WTO runs special programs to support developing countries by helping them build the capacity to participate in free trade with more developed countries. It also gives concessions under certain agreements to low-development countries to ease them into free trade with other countries. 5. Outreach Finally, the WTO carries out lobbying and outreach across the world as a part of its larger objectives to promote free trade. They try to persuade governments to reduce barriers to trade to free, fair, and open markets around the world.

[@ashikamimroth1402]

Thank you so much ma'am for this lecture. The global economy refers to the interconnected worldwide activities that takes multiple countries. It refers to the exchange of goods and services between different countries, and it has also helped counties to specialise in product which they have a comparative advantage in. Its main functions to ensure that trade flows smoothly, predictable and freely as possible. The agreement provide a stable and transparent framework to help producers of good and services, exportes and imports conduct their business. The goal is to improve welfare of the people of WTO members .

[@komalmishra6407]

Thank you ma'am for lecture 🙏😊

[@varnikasolanki3702]

The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, exchange of financial values and trade of goods. Globalisation has involved: Greater free trade. Greater movement of labour. Increased capital flows. The growth of multi-national companies. Increased integration of global trade cycle. Increased communication and improved transport, effectively reducing barriers between countries. Thank uh ma'am for explaining the topic.

[@akansharathi8802]

WTO replaced a general agreement of tariffs and trade ( GATT) . This organization is run by its member governance. WTO administering trade agreements. WTO operates as the jury and judge of global trade disputes. It serves as a forum for negotiating trade deals between and among its members. A major contribution of WTO is to promote the Idea of sustainable growth in the world economy . It also monitoring national trade policies and cooperation with other international organizations . Thank you ma'am...very informative lecture 😊

[@shraddhayadav8137]

We can understand the importance of the global economy by looking at it in relation to emerging markets: Economic importance at a micro and macro level: The increase in the world’s population has led to emerging markets growing economically, making them one of the primary engines of world economic growth. The growth and resilience shown by emerging markets is a good sign for the world economy.

[@chimerachicken]

Very eloquently put ma'am. WTO and World Bank, The IMF and the WTO are international organizations with about 150 members in common. While the IMF's central focus is on the international monetary and financial system, and the WTO's is on the international trading system, both work together to ensure a sound system for global trade and payments. The institutions work together to ensure a strong system of international trade and payments that is open to all countries. Such a system is critical for enabling economic growth, raising living standards, and reducing poverty around the globe.

[@surbhibhatia2037]

progressive trade liberalization We uphold the view that progressive trade liberalization, the motto of WTO, encourages and enhances efficient use of available global and local resources, the ultimate asset of the "global village" created and preserved by our ancestors.

[@Komal_Sharma]

Thank you mam for this amazing lecture:) In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. The global economy provides linkages between the regions and nations of the world in a system of economic relationships. These relationships involve the exchange of goods and services, financial flows across borders, exchanging different nations' currencies, movement of people in search of better standards of living.

[@surbhibhatia2037]

The WTO derives most of the income for its annual budget from contributions by its Members. These are established according to a formula based on their share of international trade. Miscellaneous income is earned from rental fees and sales of WTO print and electronic publications.

[@suhanijaiswal-jf7xc]

Thanku ma'am for this wonderful lecture.... The global economy has changed significantly over the past few decades, in the way that it is organised and governed by collaborating nations. These changes have repercussions that not only affect the flow of goods and services between countries, but also the movement of people. As we’ve seen on occasions over the last century, too great a fluctuation in this international economic system can lead to a global economic crisis

[@surbhibhatia2037]

According to the analysis, nations with strong exports and production are the main beneficiaries of membership. This is true for Germany and South Korea (around USD 31 billion in GDP growth) as industrial and innovation locations, but also for Mexico (around USD 58 billion in GDP growth) and China.

[@kanchankanchan887]

The " World Trade Organization" (WTO) is the only international organization dealing with the global rules of trade . Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@surbhibhatia2037]

The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.

[@shwetaprajapati8520]

Today globalization globality globalism all these world are frequently so therefore globalization highlights the.dynamics of change of.transformation globalization also deepens and expands Analysis of economic ideas and this leads to new debates on global economy now globality.

[@surbhibhatia2037]

States have traditionally constituted the main actor focus in International Political Economy. More specifically, a small number of 'major power' states dominate the attention of IPE students and scholars.

[@aashidhawan]

The global economy provides linkages between the regions and nations of the world in a system of economic relationships. These relationships involve the exchange of goods and services, financial flows across borders, exchanging different nations' currencies, movement of people in search of better standards of living. Thank you ma'am for this wonderful lecture.

[@shwetaprajapati8520]

Function of the WTO The WTO's function can be broadly divided into the following categories 1. Trade Negotiations 2. Implementation and Monitoring 3. Dispute settlement 4. Building Trade capacity 5. Outreach

[@surbhibhatia2037]

It has helped to increase to earnings of export of goods and also in the growth of exports. Agricultural exports increased the price of the agricultural goods. So these are the few impacts of WTO on Indian economy .

[@praptisharma5908]

The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. These economic activities can have either a positive or negative impact on the countries involved. We can understand the importance of the global economy by looking at it in relation to emerging markets: Economic importance at a micro and macro level: .Long-term world economic outlook The global economy is dominated by large financial institutions.. Thank you for the lecture ma'am.

[@surbhibhatia2037]

What Are the Disadvantages of Globalization? Unequal economic growth. ... Lack of local businesses. ... Increases potential global recessions. ... Exploits cheaper labor markets. ... Causes job displacement.

[@janvirana3868]

This lecture helped in understanding the significance and anchors of global economy. Global economy comes from the notion of globalisation. Global economy involves several dynamics. There are institutions which Is a need of society. Leading of setting up a guide the global perspective. institutions are forces of integration. The anchor WTO- established in Jan 1st 1995 . It operates as the jury and judge of global trade disputes. Negotiating trade deals between and among it members. It works to eliminate or lesser trade barries and tariffs. At time national interest and world trade can be conflicting specially in trade policies and In this case world system needs rules. WTO is based on 3 principles- liberalisation, non discrimination, respiratoty . Reduces trade barriers, trade policies should not be discriminated in each nation it should be equal. One country have the equivalent cut in the other country. Thankyou mam for the lecture It's is really helpful

[@kiranchauhan7929]

Thank you ma'am for this wonderful lecture 🙏 The global economy has come from the notion of globalisation. It provides linkages between the region and nation of the world in a system of economic relationship- these relationship involve the exchange of goods and services, financial flows across borders, exchange different nations conferences , movement of people in search of better standard of living.etc.

[@madhuraikwar543]

The WTO has six key objectives: (1) to set and rnforce rules for international trade , (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic

[@surbhibhatia2037]

The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic .

[@sarita9657]

The idea of global economy comes from motion of globalization. There is 2 factor, first is political and second is market policy . Global has changed during 19th century . Globalization is ideological Prospectivity.

[@nupursoni1949]

The global economy has changed significantly over the past few decades, in the way that it is organised and governed by collaborating nations. These changes have repercussions that not only affect the flow of goods and services between countries, but also the movement of people and it is all due to the organizations like WTO, world bank, IMF etc

[@vershajakhar7532]

☑️ *A global economy is an economic interdependence established between the most influential countries that drives the worldwide economic environment.* It is also the aggregate economic output, movement and influence of all countries. ☑️ It is common to limit questions of the world economy exclusively to human economic activity and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research, genuine data or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind. *Thankyou ma’am*

[@sonalisangwan144]

Thank you ma'am for this amazing lecture. The World Trade Organization is an intergovernmental organization that regulates and facilitates international trade between nations. Governments use the organization to establish, revise, and enforce the rules that govern international trade. The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

[@ngpoubilahelen9606]

The global economy refers to the interconnected worldwide activities that takes place between multiple countries. It refers to the exchange of goods and services between different countries, and it has also helped countries to specialise in products which they have a comparative advantage in. In brief the world Trade Organization is the only international organization dealing with the global rules of trade. It's main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@shraddhayadav8137]

ong-term world economic outlook: According to financial and economic projections based on demographic trends and capital productivity models, the GDP in emerging market economies in 2019 are likely to keep increasing at a positive rate. According to an emerging markets economic forecast for 2019 conducted by Focus Economics, the economy is set to increase by 7.5% in India, 6.6% in Philippines, 6.3% in China, 5.3% in Indonesia, 5.1% in Egypt, 4.9% in Malaysia, 3.8% in Peru and 3.7% in Morocco.

[@shalini7268]

The global economy provides linkages between the regions and nations of the world in a system of economic relationships. These relationships involve the exchange of goods and services, financial flows across borders, exchanging different nations' currencies, movement of people in search of better standards of living.

[@surbhibhatia2037]

The WTO's main aim is to promote free trade by lowering tariffs and other barriers. It does this through agreements negotiated and signed by most of the world's trading nations. ... The organization was set up in 1995 to replace a provisional international trade agreement, the General Agreement on Tariffs and Trade (GATT).

[@surbhibhatia2037]

Many of the existing industrialised nations used tariff protection when they were developing. Therefore, the WTO has been criticised for being unfair and ignoring the needs of developing countries. Environment. ... Many criticise the WTO's philosophy that the most important economic objective is the maximisation of GDP.

[@surbhibhatia2037]

“The World Trade Organization is 'member-driven', with decisions taken by General agreement among all member of governments and it deals with the rules of trade between nations at a global or near-global level

[@sonakshisaroha2168]

By lowering trade barriers through negotiations among member governments, the WTO’s system also breaks down other barriers between peoples and trading economies. Global trade rules Global rules of trade provide assurance and stability. Consumers and producers know they can enjoy secure supplies and greater choice of the finished products, components, raw materials and services they use. Producers and exporters know foreign markets will remain open to them. This leads to a more prosperous, peaceful and accountable economic world. Decisions in the WTO are typically taken by consensus among all members and they are ratified by members’ parliaments. Trade frictions are channelled into the WTO’s dispute settlement process, where the focus is on interpreting agreements and commitments and how to ensure that members’ trade policies conform with them. That way, the risk of disputes spilling over into political or military conflict is reduced. By lowering trade barriers through negotiations among member governments, the WTO’s system also breaks down other barriers between peoples and trading economies. At the heart of the system - known as the multilateral trading system - are the WTO’s agreements, negotiated and signed by a large majority of the world’s trading economies, and ratified in their parliaments. These agreements are the legal foundations for global trade. Essentially, they are contracts, guaranteeing WTO members important trade rights. They also bind governments to keep their trade policies transparent and predictable which is to everybody’s benefit. The agreements provide a stable and transparent framework to help producers of goods and services, exporters and importers conduct their business. The goal is to improve the welfare of the peoples of the WTO’s members.

[@surbhibhatia2037]

Global politics, also known as world politics, names both the discipline that studies the political and economic patterns of the world and the field that is being studied. At the centre of that field are the different processes of political globalization in relation to questions of social power.

[@chetnatomar6248]

The main goal of WTO is to help the trading industry to become smooth, fair, free and predictable. It was organised to become the administrator of multinational trade and business ageements between its member nations. It supports all occurring negotiations for latest agreements for trade . WTO also tries to resolve trade disputes between member nations. According to WTO all barriers to foreign trade and investment are harmful. There should be no barriers . Trade between countries should be no free. All countries in the world should be liberlise their policies . 164 countries of the world were members of the WTO. Thank you ma'am for this lecture .it is a very helpful lecture for us. ☺☺

[@nishagujran428]

Thanku so much mam for the lecture.. Global economy is the exchange of goods and services integrated into a huge single global market. It includes all economic activities which are conducted both within and between nationsincluding production and consumption economic management and work in general exchange of financial values and trades of goods and services. •Development of Global Economy: The development of global economy passed through several stages. In 1944 in the ‘Brettonwoods Conference’, the representatives of 44 countries decided to form ‘International Bank for Reconstruction and Development (IBRD) and ‘International Monetary Fund’ (IMF). # There are numerous benefits of a global economy which include Free trade: Free trade is an excellent method for countries to exchange goods and services. It also allows countries to specialise in the production of those goods in which they have a comparative advantage.

[@surbhibhatia2037]

The WTO's main focus is to provide open lines of communication concerning trade between its members. For example, the WTO has lowered trade barriers and increased trade among member countries. ... Therefore, the WTO attempts to provide negotiation mediation that benefits the global economy.

[@APURVA_JAMWAL]

Respected ma'am You are making huge imapct on our learning by bringing these useful content to us. Though, thank you is a mere word for your efforts, but still a big thank you. Keep bringing more such amazing content. It's because of teacher's like you International Relations is becoming more interesting and engaging. Best wishes

[@nishitanarayan7124]

Thank you for the video. It was very informative and interesting. WTO and World Bank, The IMF and the WTO are international organizations with about 150 members in common. While the IMF's central focus is on the international monetary and financial system, and the WTO's is on the international trading system, both work together to ensure a sound system for global trade and payments. They institutions work together to ensure a strong system of international trade and payments that is open to all countries. Such a system is critical for enabling economic growth, raising living standards, and reducing poverty around the globe.

[@athiraraghunathan2925]

World Trade organization was established on 1 Jan 1995 .It's headquarters are in Geneva .WTO are global organisation dealing with rules of trade in nation.Trade is considered as a engine of growth .At its heart are the WTO agreement negotiated and signed by the bulk of worlds trading nations and rather in parliament .Global trade also known as international trade is simply import and export of good and services across international boundaries .The WTO deals with global rules of trade and global rules of trade promote assurance and stability .The primary aim of WTo is to implement the new world trade agreement .and also to promote multilateral trade and promote free trade by abolishing tarrifs and non tarrif barriers .help promote peace and disputes are handled constructively .The main function are : Administering WTO trade agreement Form for trade negotiation Handling trafe disputes Monitoring national trade policies. There were many rounds in GATT and the last round was Uruguay round in which WTO came into effect .The main goal of WTO is to improve the welfare of people of WTo members

[@chetnasingh8422]

the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@sonakshisaroha2168]

Goods It all began with trade in goods. From 1947 to 1994, the GATT was the forum for negotiating lower tariffs and other trade barriers; the text of the GATT spelt out important rules, particularly non- discrimination. Since 1995, the Marrakesh Agreement Establishing the WTO and its annexes (including the updated GATT) has become the WTO’s umbrella agreement. It has annexes dealing with specific sectors relating to goods, such as agriculture, and with specific issues such as product standards, subsidies and actions taken against dumping. A recent significant addition was the Trade Facilitation Agreement, which entered into force in 2017. Services Banks, insurance firms, telecommunications companies, tour operators, hotel chains and transport companies looking to do business abroad enjoy the same principles of more open trade that originally only applied to trade in goods. These principles appear in the General Agreement on Trade in Services (GATS). WTO members have also made individual commitments under the GATS stating which of their service sectors they are willing to open to foreign competition, and how open those markets are. Intellectual property The WTO’s Intellectual Property Agreement contains rules for trade in ideas and creativity. The rules state how copyrights, patents, trademarks, geographical names used to identify products, industrial designs and undisclosed information such as trade secrets - “intellectual property” - should be protected when trade is involved. Dispute settlement The WTO’s procedure for resolving trade conflicts under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly. Governments bring disputes to the WTO if they think their rights under the WTO agreements are being infringed. Judgements by specially appointed independent experts are based on interpretations of the agreements and individual members' commitments. The system encourages members to settle their differences through consultation with each other. If this proves to be unsuccessful, they can follow a stage- by-stage procedure that includes the possibility of a ruling by a panel of experts and the chance to appeal the ruling on legal grounds. Confidence in the system is borne out by the number of cases brought to the WTO - more than 500 cases since the WTO was established compared with the 300 disputes dealt with during the entire life of the GATT (1947-94). Trade monitoring The WTO's Trade Policy Review Mechanism is designed to improve transparency, to create a greater understanding of the trade policies adopted by WTO members and to assess their impact. Many members see the reviews as constructive feedback on their policies. All WTO members must undergo periodic scrutiny, each review containing reports by the member concerned and the WTO Secretariat. In addition, the WTO undertakes regular monitoring of global trade measures. Initially launched in the wake of the financial crisis of 2008, this global trade monitoring exercise has become a regular function of the WTO, with the aim of highlighting WTO members' implementation of both trade- facilitating and trade-restricting measures.

[@sonakshisaroha2168]

WTO agreements How can you ensure that trade is as fair as possible, and as open as is practical? By negotiating rules and abiding by them. The WTO’s rules - the agreements - are the result of negotiations between the members. The current set is largely the outcome of the 1986- 94 Uruguay Round negotiations, which included a major revision of the original General Agreement on Tariffs and Trade (GATT). The Uruguay Round created new rules for dealing with trade in services and intellectual property and new procedures for dispute settlement. The complete set runs to some 30,000 pages consisting of about 30 agreements and separate commitments (called schedules) made by individual members in specific areas, such as lower tariffs and services market-opening. Through these agreements, WTO members operate a non- discriminatory trading system that spells out their rights and their obligations. Each member receives guarantees that its exports will be treated fairly and consistently in other members’ markets. Each promises to do the same for imports into its own market. The system also gives developing economies some flexibility in implementing their commitments

[@PrashantKumar-yc9mh]

Thanks for the lecture,make some more videos lecture on this issue in hindi

[@surbhibhatia2037]

The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, exchange of financial values and trade of goods ..

[@namratanamrata1678]

the Idea of global economy comes from notion of globalisation. The end of the cold war was the right time that led to the creation of global economy because the world was no more seen as capitalism verses socialism there was victory of the ideas of liberal democracy which some how gave impetus to free flow of market forces. This was accompany by the fact that economic,political, technological developments became the driving force behind various dimensions of globalisation. This process increase interdependence - interdependence in our every day life in our society and above all in our economic processes.the functions of global economy then determine by two factors -1. Markets 2. The policies of the nation. 1- Market is a powerful force in determination of international economic and political affairs because the interaction between the international political and domestic forces produce a new field of study us this what we called as global political economy. Global institutions- they are assential , because they promote global economic stability ,they reform global economic order Global institutions are also knows as Anchors of the global political economy thank you for the lecture ma'am ☺️

[@surbhibhatia2037]

Five principles are of particular importance in understanding both the pre-1994 GATT and the WTO: Non-discrimination. It has two major components: the most favored nation (MFN) rule and the national treatment policy. ... Reciprocity. ... Binding and enforceable commitments. ... Transparency. ... Safety values.

[@surbhibhatia2037]

The main functions of the WTO are: Administering WTO trade agreements. Providing forum for trade negotiations. Handling trade disputes. Monitoring Members' trade policies. Providing technical assistance and training to developing and least developed economies. Cooperating with other international organizations.

[@riya2956]

National economies are becoming closely integrated into single interdependent economy called global economy. The international political and domestic forces produce a new field of study called global political economy. Global institutions are known as anchors of the global economy. The global economy provides linkages between the regions and nations of the world in a system of economic relationships. These relationships involve the exchange of goods and services, financial flows across borders, exchanging different nations' currencies, movement of people in search of better standards of living. Significance of global economy- -It sometimes makes things available cheaper -Improves efficiency of key process -Gives new pool of resources -Encourages growing economic activities Anchors of global economy- -state actors like India, US, UK, Russia, Germany, etc. -international organisations like WTO, IMF, World Bank, etc. -club forums like G7, G20, OECD, BRICS, etc. -market actors like buyers, sellers(MNCs&TNCs), commercial banks, etc. Thanks a lot for this interesting video lecture.

[@surbhibhatia2037]

Globalization aims to benefit individual economies around the world by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally.

[@hemlata9381]

FUNCTIONS OF WTO  The WTO shall facilitate the implementation,administration and operation,and further the objectives of this agreement and of the Multilateral Trade Agreements and shall also provide the framework for the implementation, administration and operation of the Plurilateral Trade Agreements.

[@ShivaniBharti-bz5ts]

The global economy has changed significantly over the past few decades, in the way that it is organised and governed by collaborating nations. These changes have repercussions that not only affect the flow of goods and services between countries, but also the movement of people. As we’ve seen on occasions over the last century, too great a fluctuation in this international economic system can lead to a global economic crisis. So what exactly is the global economy, how does it function, and how does it affect our lives? Here we take a closer look to help you understand the complexities of the force that governs the modern world! Thank you

[@sonakshisaroha2168]

Trade negotiations The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War. So while the WTO is relatively young, the multilateral trading system that was originally set up under the GATT is over 70 years old. The past 70 years have seen an exceptional growth in world trade. Merchandise exports have grown on average by 6% annually. This growth in trade has been a powerful engine for overall economic expansion and on average trade has grown by 1.5 times more than the global economy each year. Total exports in 2016 were 250 times the level of 1948. The GATT and the WTO have helped to create a strong and prosperous trading system contributing to unprecedented growth. The system was developed through a series of trade negotiations, or rounds, held under the GATT. The first rounds dealt mainly with tariff reductions but later negotiations included other areas such as anti-dumping and non-tariff measures. The 1986-94 round - the Uruguay Round - led to the WTO’s creation. The negotiations did not end there. In 1997, an agreement was reached on telecommunications services, with 69 governments agreeing to wide-ranging liberalization measures that went beyond those agreed in the Uruguay Round. In the same year, 40 governments successfully concluded negotiations for tariff-free trade in information technology products, and 70 members concluded a financial services deal covering more than 95% of trade in banking, insurance, securities and financial information. In 2000, new talks started on agriculture and services. These were incorporated into a broader work programme, the Doha Development Agenda, launched at the fourth WTO Ministerial Conference in Doha, Qatar, in November 2001. The new work programme included negotiations and other work on non- agricultural tariffs, trade and the environment, WTO rules on anti-dumping and subsidies, trade facilitation, transparency in government procurement, intellectual property and a range of issues raised by developing economies as difficulties they face in implementing WTO agreements. Negotiations on these and other topics have resulted in major updates to the WTO rulebook in recent years. A revised Government Procurement Agreement - adopted at the WTO’s 8th Ministerial Conference in 2011 - expanded the coverage of the original agreement by an estimated US$ 100 billion a year. At the 9th Ministerial Conference in Bali in 2013, WTO members struck the Agreement on Trade Facilitation, which aims to reduce border delays by slashing red tape. When fully implemented, this Agreement - the first multilateral accord reached at the WTO - will cut trade costs by more than 14% and will lift global exports by as much as US$ 1 trillion per year. The expansion of the Information Technology Agreement - concluded at the 10th Ministerial Conference in Nairobi in 2015 - eliminated tariffs on an additional 200 IT products valued at over US$ 1.3 trillion per year. Another outcome of the Conference was a decision to abolish agricultural export subsidies, fulfilling one of the key targets of the UN Sustainable Development Goal on “Zero hunger”. Most recently, an amendment to the WTO’s Intellectual Property Agreement entered into force in 2017, easing poor economies’ access to affordable medicines. The same year saw the Trade Facilitation Agreement enter into force.

[@shellkumari8406]

Global economic is the major transformation in the territorial and institutional organization of economic activity and of political economic power . But to posit as is so often done .that economic Globalisation simply has brought with it a declining significance of the National state is inadequate

[@himanisaraswat3875]

World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. The International Monetary Fund aims to reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development The World Bank's main function is to provide long-term loans to developing countries for development. These loans support a wide array of investments in such areas as education, health, infrastructure, agriculture, and environmental and natural resource management.

[@surbhibhatia2037]

The global politics course explores fundamental political concepts such as power, equality, sustainability, and peace in a range of contexts and at a variety of levels. All standard level and higher-level students complete a common core under the central unifying theme of "people, power and politics".

[@ishitarai7755]

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. Functions of wto Administering WTO trade agreements. Forum for trade negotiations. Handling trade disputes. Monitoring trade policies. Technical assistance and training for developing economies. Cooperation with other international organizations.

[@surbhibhatia2037]

In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@surbhibhatia2037]

Since the WTO's establishment in 1995, India has benefitted hugely from its participation in this system. It has helped India to more than double its share of global exports in goods and services, create new jobs and reduce poverty. ... Therefore, restoring the WTO's integrity and status is in India's interest.

[@surbhibhatia2037]

Many critics have also pointed out that globalization has negative effects on the environment. Thus, the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.

[@dollysingh2241]

Thanku ma'am...... Created in 1995, the World Trade Organization (WTO) is an international institution that oversees the global trade rules among nations. It superseded the 1947 General Agreement on Tariffs and Trade (GATT). created in the wake of World War II.The WTO is based on agreements signed by the majority of the world’s trading nations. objectives of this international body, include - 1. raising standard of living, 2. ensuring full employment , 3.expanding the production and trade in goods and services, 4. to help producers of goods and services, exporters, and importers protect and manage their businesses. 5. The WTO oversees global trade rules among nations. 6.The main focus of the WTO is to provide open lines of communication concerning trade among its members.

[@sonakshisaroha2168]

Functions of the WTO The WTO’s functions can be broadly divided into the following categories: 1. Trade Negotiations The WTO facilitates trade negotiations among countries by providing a framework to structure the agreements, as well as providing dispute resolution mechanisms. It creates an international legal framework that ensures the smooth exchange of goods and services among the member countries. 2. Implementation and Monitoring Once the agreements are negotiated, the job of the WTO is to ensure that the signatory countries adhere to their commitments in practice. It also produces research based on the impact of the agreements on the economies of the countries involved. 3. Dispute Settlement The WTO also acts as a dispute settlement body when there is a trade conflict between its member states. The members of the WTO can file complaints against other member states if they feel the trade and economic policies of a country are divergent from their commitments under one of the agreements of the WTO. Following the complaint, there are formal hearings like a court until a settlement is reached. 4. Building Trade Capacity The WTO runs special programs to support developing countries by helping them build the capacity to participate in free trade with more developed countries. It also gives concessions under certain agreements to low-development countries to ease them into free trade with other countries. 5. Outreach Finally, the WTO carries out lobbying and outreach across the world as a part of its larger objectives to promote free trade. They try to persuade governments to reduce barriers to trade to free, fair, and open markets around the world.

[@surbhibhatia2037]

Global political economy is a field of study that deals with the interaction between political and economic forces. ... Although both terms are often used interchangeably, using the word 'global' is important as it indicates a wider scope in political economy that reaches beyond relations between states.

[@surbhibhatia2037]

The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who meet at least once every two years) or by their ambassadors or delegates (who meet regularly in Geneva). Decisions are normally taken by consensus.

[@surbhibhatia2037]

In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@ShivaniBharti-bz5ts]

The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. These economic activities can have either a positive or negative impact on the countries involved. The global economy comprises several characteristics, such as: Globalisation: Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration, and transportation. These developments led to the advent of the global economy. Due to the global economy and globalisation, domestic economies have become cohesive, leading to an improvement in their performances.

[@madhuraikwar543]

In brief, the World trade Organizations (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

[@surbhibhatia2037]

There are many types of economies around the world. ... Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies. Traditional economic system. ... Command economic system. ... Market economic system. ... Mixed system.

[@surbhibhatia2037]

Globalisation has involved: Greater free trade. Greater movement of labour. Increased capital flows. The growth of multi-national companies. Increased integration of global trade cycle. Increased communication and improved transport, effectively reducing barriers between countries.

[@surbhibhatia2037]

The WTO is the center of the global trading system. Made up of and governed by member nations, the WTO administers the network of international trade rules currently in place. It serves as a place to negotiate changes to existing agreements and, when issues come up, for member countries to mediate any disputes.

[@surbhibhatia2037]

On the contrary, WTO is a global body, which superseded GATT and deals with the rules of international trade between member nations. While GATT is a simple agreement, there is no institutional existence, but have a small secretariat. Conversely, WTO is a permanent institution along with a secretariat.

[@surbhibhatia2037]

159 countries Membership : 159 countries are currently members of the WTO. The following 24 countries are currently negotiating their WTO membership (by date of application).

[@sonakshisaroha2168]

. Dispute Settlement Body The Dispute Settlement Body is a part of the General Council and is responsible for settling trade disputes between member states. There is also an Appellate Body, where member states can appeal any decisions made against them during a dispute settlement. 3. Trade Policy Review Body The Trade Policy Review Body is also a part of the General Council and is responsible for ensuring the trade policies of member states are in line with the goals of the WTO. Member countries are required to inform the WTO about changes in their laws and trade policies. The body undertakes regular reviews of the policies to ensure they conform to the rules of the WTO. This is part of the monitoring function of the WTO, and it helps the WTO to adapt to the changing economic landscape.

[@shraddhayadav8137]

The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services.[

[@surbhibhatia2037]

Some argue that globalization is a positive development as it will give rise to new industries and more jobs in developing countries. Others say globalization is negative in that it will force poorer countries of the world to do whatever the big developed countries tell them to do.

[@komalmishra6407]

The global economy refers to the interconnected worldwide activities that takesn place between multiple countries.

[@surbhibhatia2037]

Advantages and disadvantages of WTO Promote free trade through gradual reduction of tariffs. Provide legal framework for negotiation of trade disputes. ... Trade without discrimination - avoiding preferential trade agreements. WTO is not a completely free trade body. ... WTO is committed to protecting fair competition. ... WTO is committed to economic development.

[@studyindianlaw]

Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.There are numerous benefits of a global economy, which include: Free trade: Free trade is an excellent method for countries to exchange goods and services. It also allows countries to specialise in the production of those goods in which they have a comparative advantage. The function of global economy are determined by two factors Market Picies of tge nation Market is a powerful force in determination of politivsl economy nd affairs Global economy =exchange of technical scientifical goods

[@surbhibhatia2037]

Economic globalization is increasing GDP in all participating countries. ... Globalisation therefore has negative income effects for certain people and regions in the countries involved. This can lead to growing social tensions that have a negative impact on economic development.

[@sonakshisaroha2168]

Trade is central to human health, prosperity and social welfare. Many of the goods we buy, the services we use and the foods we eat depend on foreign trade. - It is the job of the World Trade Organization to establish the rules of trade and preserve this web of trade activity between nations. WTO History  Restoring international economic growth and stability through the promotion of trade was crucial after World War II. This led to the establishment of General Agreement on Tariffs and Trade (GATT).  GATT was the only multilateral trading system governing international trade until WTO was established in 1995.  WTO was created by Uruguay round negotiations (1986-94).  The WTO has about 164 member participating countries, accounting for about 95% of world trade. 3. WTO ORGANIZATION STRUCTURE 4. WTO Principles for international trade  A) Trade without discrimination:- 1. MFN treatment (most favored nation concept):-Equal treatment for the all the members country of the WTO (ex. Pakistan)  2.National Treatment:- Treating the international trade partners as equally to local trade partners.  B) Freer trade:- intensive negotiations with its members to lower barriers for between them to encourage trade. allows developing countries to implement recommended changes gradually. Because the economies of developing countries are weaker and more fragile on many aspects compared to the economies of developed countries.  C) Maintaining predictability through binding and transparency:-any member can introduce changes in its tariffs or any other trade-related legislation, however, this must be agreed with trading partners.  D) Promoting fair competition:-Fair competition principle does allow WTO members to protect their economies from ‘product dumping.  E) Encouraging development and economic reform:-contributes to the development of its members in many ways including helping to promote piece, protecting the governments from lobbying, raising income for the governments, and increasing the variety of goods within a country. 5. WTO OBJECTIVES  The primary aim of WTO is to implement the new world trade agreement.  To promote multilateral trade .  To promote free trade by abolishing tariff & non-tariff barriers.  To enhance competitiveness among all trading partners so as to benefit consumers.  To increase the level of production & productivity with a view to increase the level of employment in the world.  To expand & utilize world resources in the most optimum manner.  To improve the level of living for the global population & speed up economic development of the member nations.  To take special steps for the development of poorest nations. 6. WTO FUNCTIONS How WTO ensures trade to flow smoothly, freely, fairly and predictably? It does this by -  Administering trade agreements - Setting “rules” for the multilateral trading system in areas like  Trade-related intellectual property rights,  trade in services,  antidumping,  Subsidies & product standards,  agriculture,  textiles and clothing, and much more.  Acting as a forum for trade negotiations  Settling trade disputes  Reviewing national trade policies  Assisting developing countries in trade policy issues, through technical assistance and training programmes  Cooperating with other international organizations. 7. Benefits of WTO System to World Economy 1. The system helps promote peace 2. Disputes are handled constructively 3. Rules make life easier for all 4. Freer trade cuts the costs of living (Ex. Daimler trucks) 5. It provides more choice of products and qualities 6. Trade raises incomes. 7. Trade stimulates economic growth . 8. The basic principles make life more efficient 9. Governments are shielded from lobbying 10. The system encourages good government. 8. HOW WTO RESOLVE THE DISPUTES  Complaints from member countries after violation of trade rules.  Panel of judges chosen  Judicial type hearing at WTO  Finding  Appeal and final ruling  Implementation or penalties/concessions 9. EFFECT OF WTO on INDIAN INTERNATIONAL TRADE.  India one of members of General Agreement on Tariffs and Trade (GATT) since 1948.  After Marrakesh Agreement, India joined WTO since inception in 1995.  Aim to participate in WTO rule based system with greater stability, transparency and predictability in governance of international trade.  Developing countries like India availed of greater trade opportunities and also challenged certain policies of developed countries (DCs).Like (decrease the custom duty)  Developmental issues increasingly focused along with trade issues.  S&D treatment for developing and LDCs incorporated. 10. Criticism of WTO  A) WTO fundamentally undemocratic:- 1. rules are written by and for corporations with inside access to the negotiations. 2. simple requests for information are denied. 3. proceedings are held in secret . • B) The WTO Will Not Make Us Safer:-domination of international trade by rich countries for the benefit of their individual interests fuels anger and resentment that make us less safe. • C)WTO Tramples Labor and Human Rights:- WTO encourages a race to the bottom in wages by pitting workers against each other• The WTO has ruled that it is illegal for a government to ban a product based on the way it is produced, such as with child labor• It has also ruled that governments cannot take into account "non commercial values" such as human rights  D)The WTO Is Destroying the Environment:-WTO is attempting to deregulate industries including fishing, water utilities, and energy distribution, which will lead to further exploitation of these natural resources.  E)The WTO is Increasing Inequality:-the richest 20 percent of the worlds population consume 86 percent of the worlds resources while the poorest 80 percent consume just 14 percent. WTO rules have hastened these trends by opening up countries to foreign investment and thereby making it easier for production to go where the labor is cheapest and most easily exploited and environmental costs are low. 11. CONCLUSION  It is the place where the member country comes and talks together and shares their grievance in order to resolve their problem related to international trade.  The countries make their decisions through various councils and committees.  The system help promote peace by handling dispute of member countries. It provides free trade which cuts the cost of living and provides more choice of products and qualities and stimulate economic growth. 12. Recommendations for WTO  The Organization should operate democratically.  Every country must have equal representation.  Rich countries should promote poor countries.  Some laws must be prepared related with Human Rights, Child Labor, Environment.  The Dispute settlement system must be Powerful to implement decisions.  Public services must remains profit free.

[@studyindianlaw]

World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations . At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. main function is to ensure ◾that trade flows as smoothly, predictably and freely as possible. Global trade , also known as international trade, is simply the import and export of goods and services across international boundaries *Functions -Adminstration WTO agreement -Handling trade dispute -Form for trade negotitation -Monitoring nationl trade, policies -Technical assiance and training for developing countries. -Global trade , also known as international trade, is simply the import and export of goods and services across international boundariesWorld trade organization

[@surbhibhatia2037]

Globalization is defined as the elimination of differences across space and the changes in life that follow as a result. ... In a political economic context, globalization is not a new phenomenon. Ultimately, globalization reduces the effect of distance on social, political, and economic interactions.

[@shellkumari8406]

Economic Globalisation is not really a significant issues misses a crucial feature of this current phase of economic Globalisation the fact that most global processes materialize in national territories and do so to a large extent through national institution agreement

[@sonakshisaroha2168]

“A WTO Committee on Trade and Development looks at developing economies’ special needs. Building trade capacity in developing economies Over three-quarters of WTO members are developing or least-developed economies. All WTO agreements contain special provisions for them, including longer time periods to implement commitments, measures to increase their trading opportunities and support to help them build the infrastructure needed to participate in world trade. A WTO Committee on Trade and Development looks at developing economies’ special needs. Its responsibility includes implementation of the WTO agreements, technical cooperation and the increased participation of developing economies in the global trading system. The Aid for Trade initiative, launched by WTO members in 2005, is designed to help developing economies build trade capacity, enhance their infrastructure and improve their ability to benefit from trade- opening opportunities. So far, over US$ 340 billion has been disbursed to support Aid for Trade projects. A Global Review of the initiative is held every two years at the WTO’s headquarters. The Enhanced Integrated Framework (EIF) is the only multilateral partnership dedicated exclusively to assisting least developed countries (LDCs) in their use of trade as an engine for growth, sustainable development and poverty reduction. The EIF partnership of 51 countries, 24 donors and eight partner agencies, including the WTO, works closely with governments, development organizations, civil society and academia. The EIF has invested in over 170 projects, with US$ 220 million committed to supporting the poorest countries in the world. Another partnership supported by the WTO is the Standards and Trade Development Facility (STDF), set up to help developing economies meet international standards for food safety, plant and animal health and access global markets. The WTO houses the Secretariat and manages the STDF trust fund, which has provided financing of over US$ 40 million to support projects in low-income economies. Technical assistance and training The WTO organizes hundreds of technical cooperation missions to developing economies annually. It also holds many trade policy courses each year in Geneva for government officials. Regional seminars are held regularly in all regions of the world, with a special emphasis on African countries. E-learning courses are also available. In 2017, some 18,500 participants benefited from WTO training aimed at improving understanding of WTO agreements and global trade rules.

[@sonakshisaroha2168]

Structure of the World Trade Organization The Ministerial Conference The Ministerial Conference of the WTO meets every two years to make important decisions about existing trade agreements. The Ministerial Conference holds the authority to make decisions on any aspects of all multilateral agreements made under the WTO. The Conference includes representatives from all members of the WTO. It gives equal representation to all its members regardless of the size of their economy or share in international trade. It can be thought of as the legislative branch of the WTO. The 12th Ministerial Conference was scheduled to happen in June 2020. The WTO is headed by the Ministerial Conference, while the daily operations are carried out by three administrative bodies: 1. General Council The General Council comprises the representatives of all member countries and acts as the representative of the Ministerial Conference when it comes to daily operations. Its job is to carry out the implementation and monitoring function of the WTO. The General Council is further divided into multiple councils and committees that focus on specific topics. Examples of such bodies include the Council on Goods, the Councils on Services, the Committee on Textiles under the Council on Goods, etc.

[@anjalichhikara8834]

The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services. ◼️Significance of global economy : Global economy promotes free trade ,movement of labor and investment .Thus plays a significant​ role: ◾Free trade: Free trade is an excellent method for countries to exchange goods and services. It also allows countries to specialise in the production of those goods in which they have a comparative advantage. Movement of labour: Increased migration of the labour force is advantageous for the recipient country as well as for the workers. If a country is going through a phase of high unemployment, workers can look for jobs in other countries. This also helps in reducing geographical inequality. Increased economies of scale: The specialisation of goods production in most countries has led to advantageous economic factors such as lower average costs and lower prices for customers. Increased investment: Due to the presence of global economy, it has become easier for countries to attract short-term and long-term investment. Investments in developing countries go a long way in improving their economies. Thanks to ma'am and CEC for these lectures 🙏🤗

[@shwetaprajapati8520]

Today globalization globality globalism all these world are frequently so therefore globalization highlights the.dynamics of change of.transformation globalization also deepens and expands Analysis of economic ideas and this leads to new debates on global economy now globality.

[@surbhibhatia2037]

The World Trade Organization (WTO is also a global association with 164 member countries. The organization's purpose is to promote fair trade between nations. The World Bank is also an international organization and has a goal to reduce poverty through financial assistance.