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Word Count: 1,408
In our world today there are many forms of economy The General Agreement on Tariffs and Trade International Monetary Fund and Third World Debt give the new world a chance to develop their current trading policies Throughout history the countries of the world have traded and developed their economies new systems have become known also allowing the human race to cultivate along with it and acquire bigger and better necessities Having money is a luxury only if a country or nation does not use it to promote itself Throughout the twentieth century many organizations helped the developing nations manage their money such as the IMF or The International Monetary Fund Some nations developed and helped aid in solving crisis others got involve with trade using GATT or General Agreement on Tariffs and Taxation With the good there is bad While some nations have money to spend others are paying back a national debts sometimes losing the ultimate price The General Agreement on Tariffs and Trade or GATT is a multilateral treaty that aims to promote trade among its members in manufactured and agricultural goods The GATT was an international trade organization and a treaty that had been in existence from 1948 to 1995 The ITO or International Trade Organization was formed The ITO was a proposed specialized agency of the United Nations GATT provides both a forum for discussing trade barriers and trade-related disputes and a code of conduct for its members The members are called contracting parties GATT was first signed in 1947 and was the main international agreement The World Trade Organization WTO was set up It was used to administer The General Agreement on Tariffs and Trade and reduce barriers to trade in other areas not covered by the GATT The WTO began operation on January 1 1995 The World Trade Organization is also a formally structured organization whose rules are legally binding on its member states The organization provides a
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