In the US Farm Bill, farmers get the same level of direct income subsidy in good and bad crop years. This was an interesting transformation for the World Bank, which had previously been vilified by the Wall Street Journal and the right-wing as one of the villains behind the weakening of the North's global position by "promoting socialism" in the Third World via its loans to Southern governments. Nicarnor Perlas, "GATT, Biotechnology, and the Church," Paper presented at the Catholic Bishops Conference for the Philippines-Visaya Secretariat," Nov. 16, 1994, p. 5. Export subsidies would be reduced over a six-year-period by 21 percent in volume terms and by 36 percent in terms of total cash value, and members would not agree to expand subsidies beyond the level reached at the end of six-year period. The response of the leading countries of the North to the challenge of economic decolonization posed by the emerging countries was conditioned by, among others, several developments. UNCTAD and Group of 77 pressure was also central to the IMF's establishing a new window, the Compensatory Financing Facility (CFF), which was meant to assist Third World countries in managing foreign exchange crises created by sharp falls in the prices of the primary commodities they exported. This, despite the oft-repeated claim by WTO apologists that by providing a set of rules and dispute settlement mechanisms for global trade, the organization protects the weaker and poorer countries from unilateralist actions by the stronger ones. Under the so-called "special differential status" treatment accorded to them under GATT, developing countries would be subject to only two-thirds of the cuts in tariffs, domestic support, and export subsidies applied to developed countries, and they would be given a grace period of 10 years, instead of six years, to put these into effect. The Global Trade System ( Wto ) 2444 Words | 10 Pages. By so doing, it established America as the dominant power in the world economy. The International Monetary Fund (IMF): The Bretton Woods conference also contributed to the establishment of the International Monetary Fund (or IMF), which administers the international monetary system even today and serves as a central bank for central banks. The manner in which the Agreement came into being lends support to this interpretation. While the more radical expression of this agenda in the shape of the Leninist theory of imperialism drew much attention and, needless to say, condemnation in some quarters, it was the more moderate version that was most influential in drawing otherwise politically diverse Third World governments into a common front. <>>> For instance, in the case of the IMF, governments of the South and NGOs can press for the following demands: more transparency in IMF decision-making, more accountability of IMF staff, one country/one vote decision-making arrangements, and end to structural adjustment programs, no new funding for extended structural adjustment programs (ESAF), no extension of IMF authority to governance issues, and subordination of structural adjustment programs to global environmental agreements. Das System von Bretton Woods bekam seinen Namen von dem Ort im US-Bundesstaat New Hampshire, in dem sich die Finanzminister und Notenbank-Präsidenten von insgesamt 44 Staaten, darunter die späteren Siegermächte des Zweiten Weltkriegs, vom 1. bis zum 22. Earlier milestones in this process were the reorientation of the World Bank toward managing development in the South in the late fifties, the IMF's being turned into the watchdog of the external economic relations of Third World countries in the 1970's, the universalization of structural adjustment in the 1980's, and the unilateralist trade campaign waged against the Asian "tiger economies" by Washington beginning in the early eighties. It was also agreed that a Common Fund would be set up that would regulate prices when they either fell below or climbed too far above the negotiated price targets. The emergence of scores of newly independent states took place in the politically charged atmosphere of the Cold War, but although they were often split between East and West in their political alliances, Third World countries gravitated toward an economic agenda that had two underlying thrusts: rapid development and a global redistribution of wealth. With Prebisch as its first Secretary General, UNCTAD advanced a global reform strategy with three main prongs. But when it came to trade liberalization, the results were meager, except perhaps in the case of Korea, whose trade surplus with the US had been turned into a trade deficit by the early 1980's. Switzerland redeemed $50 million for gold. ", This process was described in the following manner before the U.S. Congress by an influential WTO advocate: after noting that there had not been a vote taken in GATT, the WTO's predecessor, since 1959, economist C. Fred Bergsten underlined that the WTO "does not work by voting. The Iron Cage: The WTO, the Bretton Woods Institutions, and the South. Developed in the late 1950's and early 1960's, Prebisch's theory centered on the worsening terms of trade between industrialized and non-industrialized countries, an equation which posited that more and more of the South's raw materials and agricultural products were needed to purchase fewer and fewer of the North's manufactured products. During the fourth conference of UNCTAD (UNCTAD IV) in Nairobi in 1976, agreement was reached, without dissent from the developed countries, on the Integrated Program for Commodities (IPC). Deficiency payments are projected to average US$5.1 billion a year between 1996 and 2002.44, But the truth is that direct payments to European and US farmers are anything but decoupled from production, since without them agriculture would scarcely remain profitable. Here practically all the economic systems displayed the same features of state-assisted capitalism found elsewhere in the South: an activist government intervening in key areas of the economy, a focus on industrialization in order to escape the fate of being simply agricultural or raw material producers, protection of the domestic market from foreign competition, and tight controls on foreign investment. Praphai Jundee P.Jundee@focusweb.org In their view, GATT-WTO is inherently unsympathetic to industrialization. It works by a consensus arrangement which, to tell the truth, is managed by four the Quads: the United States, Japan, European Union, and Canada. A good candidate for doing in trade what the Human Development Report does for development is the UNCTAD Trade and Development Report, whose focus on global structures impeding the ascent of the South is a good antidote to the WTO publications' doctrinal assertions on the benefits of free trade. The multilateral trading system became a reality only somewhat later. The Bretton Woods Organizations Prior to the WTO – An Overview. The fewer structures and the less clear the rules, the better for the South. But the nature of the system has changed since the 1944 Bretton Woods Agreement. Shalmali Guttal S.Guttal@focusweb.org Most notable in this respect is the commitment by Indonesia to eliminate the tax, tariff, and credit privileges provided to the national car project. E-mail: admin@focusweb.org endobj "54 This is utopian thinking, especially at a time that the North has just completed a campaign of global rollback that has delivered the coup de grace to the Southern project of reform. d. the International Trade Court. The WTO and Industrialization in the South. For decades, the Bretton Woods institutions have drawn hefty criticism for imposing "neoliberal" economic policies, involving financial deregulation, mass 1 Which of the following is not one of the four aspects of globalization as outlined in the text? The Bretton Woods system was created by the 1944 Articles of Agreement at a global conference organised by the US Treasury at the Mount Washington Hotel in Bretton Woods, New Hampshire, at the height of WWII. The TRIPs accord is an example to the South of the double standards in the GATT-WTO. These structures have been pushed by the strong mainly to reduce the tremendous cost of policing the system to ensure that the less powerful do not cease to respect the rules set by the more powerful or break away completely. When it comes to the WTO, among the key tactics that could be deployed to overload the system might be pressing for the replacement of consensus decision-making with majority voting, creative use of anti-dumping mechanisms against import penetration, and exploiting loopholes in the Sanitary and Phyto-sanitary Agreement to restrict agricultural imports. "21 As for the Southeast Asian countries, Washington's assessment was that while they might have liberalized their capital accounts and financial sectors, they remained highly protected when it came to trade and were dangerously flirting with "trade distorting" exercises in industrial policy, like Malaysia's national car project, the Proton Saga, or Indonesia's drive to set up a passenger aircraft industry. Additionally, the IMF program seeks broad reform of Indonesian trade and investment policy, like the aircraft project, monopolies and domestic trade restrictive practices, that stifle competition by limiting access for foreign goods and services."23. Nassau Adams, "The UN's Neglected Brief-'The Advancement of All Peoples'", in Erskine Childers, Challenges to the UN (New York: St. Martin's Press), p. 31. The Bretton Woods system established a(n) a. international system without colonies. Die Internationale Handelsorganisation (englisch International Trade Organization, ITO) war eine geplante Institution, deren Schaffung 1944 auf der Konferenz von Bretton Woods vorgeschlagen wurde. The IMF was conceived by John Maynard Keynes and Harry Dexter White, the two pillars of the Bretton Woods meeting, as the guardian of global liquidity, a function that it was supposed to fulfil by monitoring member countries' maintenance of stable exchange rates and providing facilities on which they could periodically draw to overcome cyclical balance of payments difficulties. The Bretton Woods system is the landmark for monetary and exchange rate management established in 1944. 42-43. Created in Bretton Woods, New Hampshire, in 1945, the post-war world trading system involved foreign countries holding U.S. dollars as a reserve asset and using U.S. dollars to conduct global trade. 2 The hope was to create a system … At the same time that it erodes the agricultural base of the developing societies. Although the GATT-WTO Accord does recognize the "special and differential status" of the developing countries, it does not see this as a case structurally determined differences but as one of gaps that can be surmounted by giving developing countries a longer adjustment period than the developed countries. Quoted in "Worsening Financial Flu Lowers Immunity to US Business," New York Times, Feb. 1, 1998. The vast majority of unorganized small farmers specializing in corn, rice, and other food crops are hurt by this trade off, for the quid pro quo is precisely the liberalization of their markets for staples and other basic foods. Liberal International Economic Order (LIEO) was established after 2nd World War. But even this development did not change the US Trade Representative's assessment of Korea as "one of the toughest places in the world to do business. While pro-WTO propaganda has projected that agency as a one nation/one vote organization, where the United States has exactly one vote, like Rwanda or the Dominican Republic, in fact, it is quite undemocratic and actually run by an oligarchy of countries, much like the World Bank and the IMF. %PDF-1.5 Today, these include the World Trade Organization (WTO) and what are popularly called the Bretton Woods Institutions (BWIs): the International Monetary Fund (IMF or Fund) and the World Bank (Bank) (Deacon, 1999). A member country still retained the ability to alter its currency's value, if needed, to correct a "fundamental disequilibrium" in its current account balance. Some 26 developed countries were involved in 16 separate "General System of Preferences" schemes by the early 1980s. Nicola Bullard N.Bullard@focusweb.org It was, for instance, during a period where no bodies supervised aid and development-the World War II era and immediate post-war era--that the countries of Latin America were able to successfully engage in import substitution to build up industrial structures. This is the reason Washington's academic point man on trade, C. Fred Bergsten, could tell the US Senate that ratification of the Marrakech Agreement would serve the interests of the US because in addition to unilateral action, "we can now use the full weight of the international machinery to go after those trade barriers, reduce them, get them eliminated."56. a. Thus came into being the International Development Association (IDA), which was attached to the World Bank as the latter's soft-loan window. And the Koreans industrialized by copying quite liberally and with little payment US and Japanese product and process technologies. The victims were largely farmers in the South, such as the small-scale cattle growers of West Africa and South Africa, who were driven to ruin by low-priced EU exports of subsidized beef. So the story continues: subsidized Northern producers that make a mockery of global free trade in agriculture fight for developing country markets, squeezing the non-subsidized farmers in the latter. Ehito Kimura E.Kimura@focusweb.org One effect of these moves was the transformation of the EU from being a net food importer into a net food exporter in the 1970's. c. Bretton Woods. Change at this time means not spending or wasting time trying to enlarge areas of reform within the World Bank, IMF, and WTO. Mayuree RuechakieattikulNok@focusweb.org. Developing country governments must approach WTO rules in the same way a good defense lawyer approaches criminal law, which is to exploit the ambiguities of the system for the client--in this case for Third World farmers, manufacturers, and other producers. Where structures are hopeless, the next best solution is to have non-functioning structures or no operative structures at all. John Sheahan, "Development Dichotomies and Economic Development Strategy," in Simon Teitel, ed., Towards a New Development Strategy for Latin America (Washington, DC: Inter-American Development Bank, 1992), p. 33. Beteiligt waren auch Länder wie Griechenland, Norwegen sowie Australien, federführend waren die Volkswirke John … for every unit of currency fixed amount of dollars could be bought and with those dollars fixed amount of gold. The WTO, founded as a treaty among sovereign nations, is perhaps the most controversial of the core institutions of economic globalization. The Bretton Woods Institutions Focus on the South. But the liberal McNamara, who was now faulted by the right for losing Vietnam and failing to contain the Southern challenge, was replaced by a more pliable successor, and ideological right-wingers seeking the closure of the Bank were restrained by pragmatic conservatives who wished to use the Bank instead as a disciplinary mechanism. Minar Pimple Minar@focusweb.org 3. The system was based on the premise that open markets contribute substantially to the maintenance of an enduring peace. "Structural adjustment" referred to a new lending approach that had been formulated during McNamara's last years at the Bank. The image of international relations in a world marked by few international arrangements as "nasty" and "brutish" has always been a Hobbesian fallacy that has not corresponded to reality. Third, Bretton Woods created an entirely new type of open sys- tem-something that the capitalist world had not seen before. At its heart, the Bretton Woods accord … By the time of the Seattle ministerial in late 1999, the Agreement will have been in effect for nearly five years but so far, it appears to have had little effect in terms of effectively reducing the protection and subsidization enjoyed by agriculture in developed countries. What did break down was the rules of cooperation for the convertibility of the dollar into gold and the exchange rates regime. The second was a scheme of preferential tariffs, or allowing Third World exports of manufactures, in the name of development, to enter First World markets at lower tariff rates than those applied to exports from other industrialized countries. "3 UNCTAD also sought to gain legitimacy for the Southern countries' use of protectionist trade policy as a mechanism for industrialization and demanded accelerated transfer of technology to the South. Weltwirtschaft Gegenwind für die Erben von Bretton Woods. The first was commodity price stabilization through the negotiation of price floors below which commodity prices would not be allowed to fall. Bretton Woods-GATT, 1941–1947 During and immediately after the Second World War, the United States, the United Kingdom, and other allied nations engaged in a series of negotiations to establish the rules for the postwar international economy. 1, No. After giving in to the South during the UNCTAD IV negotiations in Nairobi in 1976 by agreeing to the creation of the commodity stabilization scheme known as the Integrated Program for Commodities, the North, during UNCTAD V in Belgrade, refused the South's program of debt forgiveness and other measures intended to revive Third World economies and thus contribute to global recovery at a time of worldwide recession.27 The northern offensive escalated during UNCTAD VIII, held in Cartagena in 1992. The likely outcome is for a Southern manufacturer simply to pay royalties for a technology rather than to innovate, thus perpetuating the technological dependence on Northern firms. The main thrust, in our view, is to overload the system, to make it non-functional by constantly pushing demands that cannot be met by the system. stream The key agreements to come out of the first and second ministerials of the WTO the decision to liberalize information technology trade taken Singapore in 1996 and the agreement to liberalize trade in electronic commerce arrived at in Geneva in 1998 were all decided on in informal back-room sessions and simply presented to the full assembly as faits accompli. (3) Examine the benefits provided by these institutions and their costs. Another UNCTAD achievement was getting the industrialized countries to accept the principle of preferential tariffs for developing countries. Domestic support, quantified into a common measure called the 'Aggregate Measure of Support', would be reduced by 20 percent over a six year period; that is AMS would be 20 percent lower in 2001 than AMS in 1986-88. Yet it is the farmers of these countries of the South that will be forced to bear the burden of adjustment to the new agricultural regime since their lack of subsidies is paralleled by their clear commitments to give greater market access to Northern farming interests, whose runaway subsidization continues to push them to create mountains of commodities seeking export outlets. Instead, the WTO institutionalizes free trade, the most favored nation principle, and national treatment as the pillars of the new world trading order. The final Agreement was essentially the Blair House Accord, which was negotiated only between the US and the EU in 1992 and 1993. The rise of OPEC, however, made World Bank aid and foreign aid less critical to many of the leading countries in UNCTAD and the Group of 77 in the mid-1970's, since they could gain access to massive quantities of loans that the commercial banks were only too happy to make available in their effort to turn a profit on the billions of dollars of deposits made to them by the OPEC countries. Role of the IMF and World Bank . First was a massive escalation in the World Bank's resources, with McNamara raising World Bank lending from an average of $2.7 billion a year when he took office in 1968 to $8.7 billion in 1978 to $12 billion by the time he left office in 1981. But it also served as the wide highway through which $100 billion exited in 1997 in a massive stampede in response to dislocations caused by overinvestment and unrestricted capital inflows, like the collapse of the real estate market and widening current account deficits. WTO b. While at the Bank and the Fund, the prime mechanism of control is the size of rich countries' capital subscriptions, which gives them enormous voting power vis-a-vis the mass of developing countries, at the WTO, Northern domination is achieved via what is euphemistically referred to as "consensus. And it was during the period from the 1960's up to late eighties, before the establishment of the WTO, that the NICs of East and Southeast Asia were able to marry domestic protectionism to mercantilism to move from underdevelopment to industrial status in one generation. By the late seventies, however, even such small concessions were viewed with alarm by increasingly influential sectors of the U.S. establishment. b. 2 0 obj Alfred Maizels, "Reforming the World Commodity Economy," in Michael Cutajar, ed., UNCTAD and the North-South Dialogue (New York: Pergamon Press, 1985, p. 108; United Nations, World Economic Survey (New York: United Nations, 1988), p. 42. The WTO was 46 years late in coming into being, though it had initially been regarded by liberal internationalists in the US and Britain as the third pillar of the Bretton Woods system, doing for trade what the IMF did for finance and the World Bank for economic reconstruction. Cited in Seamus Cleary, "Toward a New Adjustment in Africa," in "Beyond Adjustment," Special Issue of African Environment, Vol. The original Bretton Woods agreement also included plans for an International Trade Organisation (ITO) but these lay dormant until the World Trade Organisation (WTO) was created in the early 1990s. A 1997 report to the EU farm ministers projected the surplus of wheat to rise from 2.7 million metric tons to 45 million tons by 2005, and total cereal surplus to shoot up to 58 million metric tons. Thai rice farmers are hardly benefiting; it's the Bangkok-based middlemen that are profiting from increased Thai rice exports. ⇒ Transctions demand for foreign currencies increased 6 times but the gold supply did not increase much.Per capita US GDP doubled ($2,700 in 1950 to $5,400 in 1973 at the end of the Bretton Woods.) However, certain domestic subsidies, including direct income payments for farmers (the so-called 'Green Box' and 'Blue box measures) were exempted from cuts. In shirt, a fluid international system, where there are multiple zones of ambiguity that the less powerful can exploit in order to protect their interests, may be the only realistic alternative to the current global multilateral order that would weaken the hold of the North. Pratap Chatterjee, "Riders of the Apocalypse," The New Internalionalist, July 1994, p. 10. FOCUS-on-Trade is produced by Focus on the Global South (FOCUS) It represents what UNCTAD describes as "a premature strengthening of the intellectual property system...that favors monopolistically controlled innovation over broad-based diffusion."32. After the agreement was signed, America was the only country with the ability to print dollars. The Accord was then promptly tossed to other GATT members by the two superpowers in 1994 on a take-it-or-leave-it basis. In the 1970's, the World Bank was to be the centerpiece of liberal Washington's response, and Robert McNamara, who was appointed, in 1968, the World Bank's president after his troubled stint at the US Defense Department, became the pointman in the expanded liberal approach. Bangkok 10330 THAILAND A decade after UNCTAD IV, only one new commodity stabilization agreement, for natural rubber, had been negotiated; an existing agreement on cocoa was not operative; and agreements on tin and sugar had collapsed.8, Right-wing Reaction and the Demonization of the South. These concessions were, of course, limited. cutting or constraining wages and eliminating or weakening mechanisms protecting labor like the minimum wage to remove what were seen as artificial barriers to the mobility of local and foreign capital. If new business was to be done, Black wanted to do it. x��[Y�7~7��Џ�"C7�>A��I�6���>hF3�:���/Y��l6��,Ȓ�Y���*Rի�T_��7ᆱ�o��^��z}��ūhE9�Yu}���j��V-#5U[��5���勺�藷/_|\T��V�?�|�Z_}�ӛ�B�)"��kZOn��8d�6�!��$�:���\��e˂(Xl�4�kc?\/����N.V�%c��R2��_��W|q�_N#T�lH��TG�m(ɳG�U������6��qI[��e�ߗW�a�W���xZJ��~d���(���u��6��-�CG`x��"�Շn�=l�����Wb���A��A?�>3��W��;yn������;�v�KA������Yz�M���^2Kv;m���6��T�eD�}�n���V<>~��vO�X2�M�&�k3a�f�1����}G$un��sR��i��@���/4�_��X��>��,{݂v�X@�d�9V���Ӳs�ob9�.�i���[Pԝޙֳ���wLy���d�c���>f�3��b�oVA�)�=i[��G��[�و���P���͙Y��+�X� However, the Bretton Woods system came under increasing pressure in the 1960s due to the lack of a reliable adjustment mechanism to manage payment imbalances as well as the persistent … But what is "technological diffusion" from the perspective of the late industrializer is "piracy" from that of the industrial leader. The International Bank for Reconstruction and Development, on the other hand, was, as its name implied, set up to assist in the reconstruction of the war-torn economies, particularly those of Western Europe, by lending to them at manageable rates of interest. Deficiency payments for instance, make up between one-fifth and one-third of US farm incomes.45 In other words, in enshrining the notion of decoupled payments as untouchable subsidies in Green Box, the US and the EU were, as one analyst put it, "taking away direct support of markets and replacing it with direct subsidization of [Northern] farmers. The Bretton Woods system gave nations more flexibility than strict adherence to the gold standard. The Korea stabilization package, negotiated with the IMF in December 1997, should help open and expand competition in Korea by creating a more market-driven economy ... [I]f it continues on the path to reform there will be important benefits not only for Korea but also the United States."24. Rather than seriously promoting a mechanism to advance free trade, the two superpowers resorted to the rhetoric of free trade to regulate a condition of monopolistic competition, with each seeking advantage at the margins. BRETTON WOODS, WTO AND THE MARCH TO GLOBALIZATION (PART II) We saw in Part I that GATT saw us through post WW II very successfully (and unsurprisingly) since it is rare to have trade wars break out when economic growth is high (as then). ", Unilateralism was aggressively pursued, sometimes to the point of de facto trade war. Eduardo White, "The Question of Foreign Investments and the Economic Crisis of Latin America," in Richard Feinberg and Ricardo French-Davis, eds., Development and External Debt in Latin America: Bases for a New Consensus (Notre Dame, Indiana: University of Notre Dame Press, 1988), pp. In 1988, a survey of structural adjustment programs (SAPs) carried out by the United Nations Commission for Africa concluded that the essence of SAPs was the "reduction/removal of direct state intervention in the productive and redistributive sectors of the economy. Imf, the WTO, 1996 ) Immunity to US business, '' Francisco... Excluded on the horizon Juan Carlos Torre, `` the UN 's Brief. Body that elicits fear, anger, and in this section we will (... The economic development of developing countries have to agree if any major steps are going to be,... To pursue industrialization objectives 14 points of Woodrow Wilson, golden arches theory ) liberally borrowing US technological,. 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