World Trade Organization

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World Trade Organization (WTO), international organization established to supervise and liberalize world trade. It began operations on January 1, 1995. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947.[1]

Views on WTO

Lew Rockwell argued against WTO's creation, since international trade requires no regulatory bureaucracy.[2] In 1994, he argued that it would allow economic exchange with some countries under approved conditions, and impose a variety of sanctions on others, such as preferences for labor unions, artificially high labor costs, controls on the organization of industry, high taxes on capital and income, central-bank inflation, invasive tax collection, and abolition of financial privacy.[3] In 1999, Rockwell asserted that the WTO is mainly concerned with expanding its own power and jurisdiction, which means it has no principled objection to making international trade a vehicle for the promotion of "labor rights" and crippling environmental regulations.[4]

In a Bloomberg article, the WTO has been described as a "a disarmament treaty for mercantilists."[5]


  1. Encyclopædia Britannica Online. "World Trade Organization (WTO)". Retrieved 17 November, 2012.
  2. "WTO Foments A Trade War" by Rockwell, Llewellyn H., Jr., 21 January 2002
  3. Llewellyn H. Rockwell, Jr. "Stop the WTO", The Free Market, February 1994. Referenced 2012-11-17.
  4. Llewellyn H. Rockwell Jr. "The WTO: Threat to Free Trade", Mises Daily, December 1999. Referenced 2012-11-17.
  5. "Committing to Smart Trade With China", Bloomberg, 2012-10-29.