"I do not believe that a country with 4.5% of the world's people can maintain its standard of living if we don't have more customers." - President Clinton 2000
Regulation is necessary, otherwise the strong will exploit the global commons at the expense of the weak. Trade regulation started with the General Agreement on Tariffs and Trade (GATT) in 1948.
The WTO grew out of the GATT but things have gone badly wrong. After 56 years there is widespread degradation and depletion of resources. Half the world's population lives on less than $2 a day, half of those on less than $1. In rich as well as poor countries farmers are committing suicide because trade rules have destroyed their livelihood.
The WTO has been hijacked by corporate interests and its purpose is now to promote trade. Period.
There is no higher authority, and corporate free trade, 'market fundamentalism,' has become the governing principle of the world. The WTO - deliberately - now ensures that the weak cannot protect themselves against the strong, and the strong are not restrained from over-exploiting the global commons.
