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Lori Wallach and Patrick Woodall
Succinctly stated, the WTO Is Fundamentally Undemocratic.
Top Ten Reasons to Oppose the WTO from Global Exchange
With this in mind, it comes as little surprise that the WTO, World Bank and the IMF are united in their mantra demanding "developing nations" to deregulate national markets, privatize of the public sector, and embrace free trade with "developed countries" as a means to develop national economies. Looking closely it is evident the unholy trinity are driven by a common agenda fueled by a flawed economic theory globally referred to as Neo-Liberal Economics by academics and economists; known by the far right wing in the US as Neo-Conservatism; labeled as Free Market Capitalism by the poorly informed Tea Party movement while Libertarians claim it as their own; and anyone with an iota of concern for the future call it exploitative, abusive, careless, excessive, destructive and unhealthy in so many ways.
Within their war-chest designed to dismantle domestic policies aimed to develop and protect national economies is Foreign Direct Investment, commonly referred to as FDI. Investopedia.com defines FDI as "An investment abroad, usually where the company being invested in is controlled by the foreign corporation... An example of FDI is an American company taking a majority stake in a company in China."
However, in practice FDI has more in common with colonial practices than proponents would like to admit. Currently, the European Union is pushing for the deregulation of FDI in developing nations through the Raw Materials Initiative. When FDI is deregulated it provides multi-national corporations unfettered access to domestic resources with the freedom to drain all profits from the host nation with total disregard for the social, environmental and political impacts.
The Traidcraft campaign (http://www.traidcraft.co.uk/get_involved/campaign/raw_materials) includes informative resources and avenues for taking action. To be informed is to be forearmed! Other awareness campaigns of Traidcraft include:
- Time to nip US cotton subsidies in the bud
- Supermarkets - who's getting the best deal?
- Stop EPAs
- Make it Fair
- World Trade Organisation