A Study On Gatt And WTO Economics Essay

A Study On Gatt And WTO Economics Essay In this section I will discuss what was GATT. GATT stands for General Agreement on Tariffs and Trade. Countries first signed this document in 1947. This agreement was designed to encourage free trade between member states. It encouraged free trade by regulating and reducing tariffs the countries imposed on tradable goods. It also provided an international forum to settle trade disputes. 110 countries have now signed on to GATT. GATT was in existence until 1995, when a new international governing body on international trade was created to replace it. This new organisation is the WTO. WTO In this section I will describe what the WTO is. The WTO stands for the World Trade Organisation. The WTO was created to replace the GATT. The Bretton Woods agreement of 1944 was created to help with the financial consequences of rebuilding Europe after World War Two. It would also try to ensure that major world depressions would not occur. The IMF and World Bank were created to help achieve this. Ho wever, an organisation to regulate trade between countries was also required. The GATT was initially set up, but the WTO was created in 1995 to succeed this. As it states on their own website (www.wto.org), ‘ the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.’ The WTO has nearly 150 members. Trade between these members accounts for 97% of the worldwide trade. How does the WTO work? In this section I will describe how the WTO operates and who the members are. The main point to note about the WTO is that it does not set rules on its own. This makes it different from the other two organisations set up by the Bretton Woods agreement. The WTO is more of an international forum where trade negotiations are discussed. It then ensures that outcome of the negotiations are undertaken. The WTO has many member states. Each state has a representative that sits on the council. Each representative has only one vote when it comes to decisions. This is different to the IMF as on the IMF the more powerful, developed countries have greater power. The one vote to one member policy that the WTO has is designed to ensure greater fairness with regards to trade negotiations. However, in the past, Europe, USA and Japan have dominated. This domination is to be upset with the introduction of China into the WTO. This will now mean that the developing world has a major voice at trade negotiations. The process of decision-making is undertaken by all member states. All members vote on specific decisions and the outcome of negotiations are usually by consensus. A majority vote can also be used, but this is extremely rare. Below this level are numerous specialised committees, working groups and working parties that deal with individual agreements and various other areas concerned with environment, developm ent, membership applications and regional trade agreements. What does the WTO do?

Read a case Study Example | Topics and Well Written Essays - 750 words

Read a - Case Study Example The objective was to encourage as many people as possible to refer their friends and family such that they could have a significant number of free customers. They were hoping that since on average 20 percent of free customers turn premium, they could increase the potential customer base. The method was immensely successful in and in 2010; there was an increase 2.8 users who were referred by the 4 million paying customers. It is approximated that the Dropbox accounts each yielded a 12% referral rate, which was likely understated given the fact that many people target even non-acquaintances. In 2013, the company’s conversion from free to premise rose from 1.4 to 4%, which boosted the revenue to between $200 and $240 million dollars of annual income. The success rate was so high that other internet firms began to copy the freemium model as a way to get new clients without significant cost in their marketing budget. Another positive impact of the strategy was that it was copied by other firms outside the cloud storage business with the 100 top rating apps in Apple store using it in 2013. While there are no precise figures for how many of the firms using the technology were successful, there is no doubt that many of those that did have substantively grown their cu stomer base. In fact, the model was so successful that some firms like Spotify, an online radio channel had a conversion rate of 20%. There were nevertheless some disadvantage to this strategy; some of the companies that tried to model it ended up going bankrupt since the bulk of their clients did not convert to the premium service. In addition, given that Dropbox’s clients were mostly free, it means that much of their attention had to go to them while they may have been better off servicing the paying ones. Moving forward, it is hard to determine if the company can expect to make any more progress from the method since the firm is already a market giant and

MGMT 4330 Essay Example | Topics and Well Written Essays - 250 words

MGMT 4330 - Essay Example Making the decision alone will provide a room for personal growth and development. This is because it helps in utilizing time and saving resources, especially when the decision is to overcome the crisis or an urgent situation. It is also apparent that personal decisions can enable a person to come up with strategies that propel timely completion of tasks. Even though the decision is to be made personally, consultation is essential. The idea of having consultations is not to have the issues form part of the decisions that are to be made (Whetten and Kim 469). Decisions that are made without involving other individuals provide a sense of commitment to the inherent duty. Personal decision enables the individual to prudently manage time and come up with policies and procedures essential for success. The essence of making the decision alone is also to provide a self-evaluation and the basis for chatting ones destiny. However, the involvement of other decision makers who introduce new ideas that enhance the selection of different