Question

Прошу написать эссе на английском, на каждые три вопроса по 2-3 предложения)) 1.how does globalization effect the world economy ? 2.Why does global trade benefit countries? 3. what are good and bad things that WTO (world trade organisation) does for global trade? Заранее благодарю))

Answer 1

1. Globalization enables countries to have wider economic and cultural ties with other countries.  More local goods can be exported and more qualified people can come to the country.  Also cultural exchange can do a lot of good.
2. Global trade makes it possible to have exports at better prices.  Also a bigger number of countries can be involved in trade relations.
3.  WTO provides better opportunities for trade among its members.  For example the range of exported and imported goods and tax rates are also better.  The bad thing about WTO is that its members have to obey strict rules which are not always beneficial for the country.  In this way WTO members cannot be very flexible and totally independent in making their economic decisions.

Answer 2

Globalization has a significant impact on the world economy by promoting interconnectedness and interdependence among nations. It fosters economic integration, facilitates the flow of goods, services, and capital across borders, and promotes technological advancements and innovation. Globalization also opens up new markets, allowing countries to access a wider consumer base and enhance their economic growth.

Global trade benefits countries in several ways. Firstly, it enables countries to specialize in the production of goods and services they have a comparative advantage in, leading to increased efficiency and productivity. This specialization allows countries to focus on producing goods they can produce most efficiently, while importing goods they cannot produce as efficiently, resulting in overall economic gains. Additionally, global trade fosters competition, which drives innovation, encourages investment, and improves the quality and variety of products available to consumers.

The World Trade Organization (WTO) plays a crucial role in regulating and promoting global trade. One of the positive aspects of the WTO is that it provides a forum for negotiations and dispute settlement among member countries, reducing trade barriers and promoting fair and predictable trade practices. It also helps in setting international trade rules and standards, facilitating smoother trade relations.

However, there are both good and bad aspects of the WTO. On the positive side, the WTO has contributed to the liberalization of global trade, leading to increased economic growth and prosperity in many countries. It has also helped in resolving trade disputes and reducing protectionist measures. On the downside, some critics argue that the WTO's rules and policies may not always prioritize the interests of developing countries, potentially exacerbating inequalities in global trade. There are also concerns that the WTO's decision-making process may lack transparency and inclusiveness, limiting the participation of smaller and less powerful nations.

Overall, the WTO has played a significant role in shaping global trade, promoting economic integration, and resolving trade disputes. While it has its limitations and criticisms, the organization's efforts have generally contributed to the growth of global trade and the welfare of many countries.