Globalization and the WTO Dispute Settlement Mechanism: Making a Rules-based Trading Regime Work
AbstractWe discuss thje role of the dispute settlement mechanism (DSM) of the World Trade Organization (WTO) in the context of a complex characterization of globalization.The dispute settlement mechanism (DSM) of the World Trade Organization (WTO) is at present a controversial exercise at the international level. Reasonable people disagree as to whether it has enhanced and maintained equality between developing and developed countries. Through examining its concrete provisions, procedures and several important factors such as resource availability and political influence outside the WTO, it can be found that there are conditions under which the new rule-based DSM can indeed contribute to promoting developing countries’ status in the system . Consequently, it can provide them with more power to defend their own interests. However, the DSM still does not eliminate the power-based relationships among countries. Developing countries are still affected by biases, which stem from several sources such as high financial and legal resource costs, political pressure generated outside the WTO, declarative WTO legal provisions, etc..A reformed WTO with less asymmetry of power will result in a higher level of global social welfare.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 7613.
Date of creation: 2008
Date of revision: 2008
dispute settlement mechanism (DSM); World Trade Organization (WTO) ; Globalization;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F10 - International Economics - - Trade - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-03-15 (All new papers)
- NEP-INT-2008-03-15 (International Trade)
- NEP-REG-2008-03-15 (Regulation)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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