This website uses cookies to ensure you have the best experience. Learn more

Protesting During International Financial Conferences Essay

2277 words - 10 pages

If someone had told any news editor that their front page story for 29th November 1999 would be about an obscure trade conference in a little known American city, the reaction might well have been complete surprise. Seattle was the meeting of about 5,000 delegates from 150 countries for a new round of global trade talks. Like the Uruguay Round begun in 1986 and the Tokyo Round started in 1973, the Seattle Round looked to slash tariffs, abolish subsidies and open up investment for companies seeking to get into global markets. The effect the protestors had on the WTO meeting was unprecedented, they not only stopped the talks for a day but helped to raise issues that gave smaller and poorer ...view middle of the document...

These strings come in the form of policy prescriptions called "structural adjustment policies." These policies require debtor governments to open their economies to penetration by foreign corporations, allowing access to the country's workers and environment at bargain basement prices. Structural adjustment policies mean across-the-board privatisation of public utilities and publicly owned industries. They mean the slashing of government budgets, leading to cutbacks in spending on health care and education. They mean focusing resources on growing export crops for industrial countries rather than supporting family farms and growing food for local communities. For decades people in the Third World have protested the way the IMF and World Bank undemocratically impose such policies on their countries. In just the last year, those protests have spread to the power centres of the developed world.The institutions have forced debtor countries to cut social spending on health, education, and other public services. They have pressured poor nations to charge their own citizens for the use of public schools and public hospitals. And they have demanded that countries keep their wage levels low, a policy which harms ordinary citizens but benefits multinational corporations.The United States and Europe were instrumental in building the post-war economic system, including the GATT. They were a main driving force behind no less than eight major rounds of trade negotiations - including the successful Uruguay Round and the creation of the WTO. When America and Europe share a common purpose, the system can move forward. When they clash, there is inertia. The political importance that countries now attach to this system, and their growing reliance on open world markets and international trade is because they believe that history states this is how they get more jobs and income. It is also a reflection of the pressing need to coordinate and reinvent policies for an integrated world.The General Agreement on Tariffs and Trade emerged after World War Two in 1947 with the aim to establish a stable, multilateral economic order. The World Trade Organisation was established under patronage of GATT. Upon ratification of the Round?s Final Act by members, the World Trade Organisation replaced GATT as the global multilateral trade organisation. The WTO summits ty to cover a wide number of issues such as agriculture, labour Rights, electronic commerce, reforming the WTO, environment, tariffs and business. Recent protests against the IMF and the World Bank have shined a harsh spotlight on the way the institutions put the interests of wealthy corporations in the developed world above the interests of the world's poor majority.Created after World War II to help avoid Great Depression-like economic disasters, the World Bank and the IMF are the world's largest public lenders, with the Bank managing over $200 billion and the Fund supplying member governments with money to overcome...

Other Essays On Protesting During International Financial Conferences

Taiwan Insurance Market - International Business Course Study

4050 words - 17 pages 1999, there were many merger and acquisition activities happened especially foreign insurers. Prudential life insurance company, Taiwan branch took over 70% ownership from Chin Fon life insurance Co., Ltd in 1999. Assets of Atena's financial service unit and international business unit were transacted to ING in 2000.While the majority of foreign insurance firms having a preference on merger and acquisition with existing firms, many foreign firms

Food Market Essay

2803 words - 12 pages claims.Monsanto brought its genetically modified food to EuropeNo doubt, the Genetically-modified foods (GM foods) have completed a large splatter in the reports recently. European ecological organizations and community attention groups have been vigorously protesting next to GM foods for months, and current notorious studies concerning the property of genetically-modified corn pollen on sovereign butterfly caterpillars, and they have brought the

Strategic Leadership

3463 words - 14 pages huge amounts of capital flows among developed and developing countries (Prasael et al. 2003). Various international financial institutions such as the International Monterey Fund (IMF), the World Bank, the World Trade Organization (WTO) and the Bank for International Settlements (BIS) were developed subsequently as a way of coordinating the process of globalization and ensuring world peace and security.2.2 BenefitsAs the steps of globalization


3718 words - 15 pages to $50 million annually were feasible.Walton's prediction was right on target. The Super-center division more than doubled in size during 1993, then doubled again in 1994. Super-centers, once thought of as risky because of slim profit margins on the food side, will most likely make Wal-Mart the nation's largest grocery retailer within the next five to seven years (Longo, 1994).Expanding overseas, Wal-Mart moved into the international market in

GSK Parmaceuticals

7705 words - 31 pages traditional white) Combivir and Epivir tablets across a number of International markets. During 2004, the Group successfully registered nine of its ARVs under the European Union's Anti-Diversion Regulation. It also continued to encourage other countries to take the necessary steps to ensure the introduction and strict enforcement of appropriate anti-diversion measures.Worldwide sales force excellenceGlaxoSmithKline sales force has always ranked high on

The Influence That Christianity Had On Public Morality And Education In Australia Throughout The Years Of 1788-1901

2706 words - 11 pages financial aid to the major religious groups, including the Church of England.Denominations of separate, individual churches used this aid to maximise their religious and educational influence. The governor of the government later extended the state financial aid and attempted to introduce government schools based on the national system in his native Ireland. However, non-Anglican Protestants, who had formed in 1835 a society for promoting schools

Foreign Direct Investment: Starbucks Case

2705 words - 11 pages whole bean coffees through a specialty sales group and supermarkets. Additionally, Starbucks produces and sells bottled Frappuccino® coffee drink and a line of premium ice creams through its joint venture partnerships and offers a line of innovative premium teas produced by its wholly owned subsidiary, Tazo Tea Company.The Company divides its operation into two segments, United States and International, each of which include Company-operated

American Involvement In World War I

2135 words - 9 pages , along with his wife. During this visit, a young man kills Ferdinand and his wife on the street and was arrested. Questioning of this man reveled that it was Serbia's plan to kill Ferdinand, with the hope that Bosnia, a Slavic state within Austria would split and join Serbia. Austrians held the Serbians were responsible, therefore issued an ultimatum, with the demands that Austrian officials were to be sent to Serbia to lead an investigation of

Case Study Of Diferences Between US And UK Accounting

3885 words - 16 pages these within the context of the accepted accounting standards within that particular country.The two opinion paragraphs from the Caterpillar financial report 2002 and the Marks and Spencer 2002 at first read seem to state similar objectives which have been taken during the auditing, that of an independent party seeking to assure whether or not the financial records of that particular entity have been compiled and produced to the standards that are

Airlines boost prices as Hurricane Rita nears

573 words - 3 pages Residents seeking to flee Houston by air before Hurricane Rita roars into town are finding that only costly last-minute seats are still available.Continental Airlines on its Web site yesterday was offering coach seats one way from Houston to Dulles International Airport for as much as $1,937. Searches of the travel Web sites SideStep and Orbitz turned up one-way and round-trip flights between Houston and the Washington area on various carriers

Financial Distress Prediction Using Z-Score

5279 words - 22 pages financial distress presented by Beaver (as cited in Laitinen & Laitinen, 2000:329) is the inability of a firm to pay its financial obligations as they mature. Beaver classified a company as failed when any of the following events occurred:•Bankruptcy,•Bond defaults,•An overdrawn bank account, or•Nonpayment of preferred stock dividendAccording to Altman (1993:224), based upon the criteria of the International Shoe decision

Similar Papers

Entering Foreign Markets(Taiwan) Essay

8973 words - 36 pages meat.Cheakpeas:It can be used in fodds and deserts, meat foods.And also diabetics can use it.2)PRODUCT LIFE CYCLEThe year 2005 has so far witnessed steady progress of Taiwan's continuous efforts to promote economic reform and industrial upgrading. Thanks to ongoing internal reforms across a wide range of areas, as well as favorable international economic environment, the Taiwanese economy is moving on a healthy track after the economic slump at the

Suez Crisis Gcse Coursework Essay

1764 words - 8 pages Eden's best efforts to gain support for the war against Egypt by sending letters to Eisenhower comparing Nasser to Hitler and giving broadcasts to the general public there was still very little support for the war in the international community and at home in Britain.While Eden's was floundering at home in Egypt Nasser was more popular than ever. In source E we see the British public protesting against Eden which is in direct contrast to the

Classroom Struggle: School's Out For Peace, Unity And Social Justice (Article Published In The Sydney Morning Herald)

793 words - 4 pages movement."The walkouts were likened to the mass moratoria against the Vietnam War in the '60s and '70s during a period of mass youth radicalisation.In short, the protest was an empowering celebration of unity in the face of international warmongering and a climate of increasing fear and hatred.It is becoming clearer and clearer that the vast majority of young people don't support this war. But the demonstrations on March 5 were only the tip of

Financial Liberalization Essay

8415 words - 34 pages Rate Reforms or Liberalization on Financial Development & Economic Growth" especially focuses on SAARC.1.3 Origin of the StudyAs a partial requirement of B.B.A. program we are required to prepare internship report. This report has been prepared during the three month's Internship Program in Bank Asia Limited, Dhanmondi Branch. In the classroom we get the opportunity to know the theoretical part of the subject. But without practical