Consumerism is the belief that personal happiness is directly related to the consumption of goods and services. In the 21st Century, this belief has become noticeably heightened and has become a way of thinking.
Free Trade is a system in which goods and services may flow freely between or within countries without the added costs of government-imposed restrictions.
The General Agreement on Tariffs and Trade (GATT) is a treaty which attempts to reduce barriers on international trade, by reducing tariffs, restrictions, and subsidies. It encourages free trade, develops multilateral trade negotiations, and provides a mechanism for resolving disputes. It was developed at the same time as the International Trade Organization (ITO) was being established, and was established to boost trade liberalisation after WWII. The agreement was signed by 23 countries on January 1st 1948, and has created 123 agreements that cover 45000 tariffs items, amounting to $10 billion in trade.
The World Trade Organization (WTO) is an international organization which was established in 1994. WTO opened in April 1995 after the 125 members participating in GATT signed a deal which stated that all previous agreements from GATT applied. The WTO is an organization whose objective is to provide the optimal international trade agreements for all parties involved by promoting free trade and minimizing government restrictions. Due to our dynamic and increasingly global world, many issues arise that require its attention; however, the organization promotes and aids the globalisation of our world and its economy.
Case Study One
Mohandas Karamchand “Mahatma” Gandhi (2 October 1869 – 30 January 1948). He is famous for pioneering non-violent resistance to support India in achieving independence from foreign domination.
Mahatma Gandhi regarded economics as a moral science and laid tremendous emphasis on the ethical aspect of the problem. No one’s gain...