Now it is very unrealistic to expect the world economy to operate on a ‘perfect competition’ model, but it is important to try and reduce barriers, so firms may operate anywhere in a fair manner and consumers then may have more options and ultimately lower prices. Holding countries accountable for unfair trade practices is essential to have a fair playing field for trading nations. There are definitely a lot of benefits with such an organization; an example being stated living standards have tripled after the establishment of the World Trade Organization, as stated by British Political Economist Phillipe LeGrain. Additional benefits to World Trade Organization include the difficulties of lobbying, legitimacy to economic sanctions, and its use as a trade war prevention
Now it is very unrealistic to expect the world economy to operate on a ‘perfect competition’ model, but it is important to try and reduce barriers, so firms may operate anywhere in a fair manner and consumers then may have more options and ultimately lower prices. Holding countries accountable for unfair trade practices is essential to have a fair playing field for trading nations. There are definitely a lot of benefits with such an organization; an example being stated living standards have tripled after the establishment of the World Trade Organization, as stated by British Political Economist Phillipe LeGrain. Additional benefits to World Trade Organization include the difficulties of lobbying, legitimacy to economic sanctions, and its use as a trade war prevention