The WTO also covers trade in services, whereas GATT only covered trade in goods.
The WTO's rules make it hard for a country to favour their own industry over imports from other countries. Also, the WTO rules do not allow a country to favour the imports of one country over those from another.
The WTO argues that the growth of trade between countries increases the wealth of everyone. Trade allows the production of goods and services by those who are most efficient, thus maximising their availability at the best price.
The growth of trade is helped by the lowering of barriers, such as tariffs and import quotas, which is the object of WTO agreements.
The International Monetary Fund (IMF) was established in the wake of the World War II in 1946 to:.
promote international cooperation on finance, .
encourage stability in exchange rates and orderly systems for exchanging money between countries .
providing temporary assistance for countries suffering balance of payments problems .
The IMF frequently seeks institutional reform in the countries to which it provides temporary financial assistance. Like the WTO, the IMF believes that world prosperity is enhanced by greater exchange between nations and that this is made possible by everyone agreeing to abide by rules. The IMF has 182 member countries.
The World Bank provides loans to poor countries for development projects. The bank provides loans for investment projects, such as water and sanitation, natural resource management education and health. It also lends for what it calls adjustment projects, which are to support governments undertaking policy reforms, such as improved public sector management.
Established at the conclusion of the Second World War, the United Nations has become a promoter of globalisation, arguing that individual states have a dual role with responsibilities to both their own citizens and to the world society as a whole. The United Nations says the broader global responsibility requires international institutions.
