countries. In explanation, “The current account deficits of non-oil exporting countries increased nearly threefold between 1990 and 1994, when a large number of developing counties undertook trade liberalization through World Bank and IMF Structural Adjustment Programmes and Stabilization Programmes.” This activity leads to a financial crisis, such as occurred in Asia and Latin America. These crises cause a ripple effect in the world economy, which will undoubtedly effect the industrialized world negatively. Often when researching a specific topic, it can be beneficial to look at the contradictory perspective in a hope to get a better understanding of your own side of the issue. From the pro-side of this topic, the current international trade system is seen to advance the interests of both the North and South. The strongest argument that I see developing from this side is that current trade liberalism gives the developing countries of the world a substantial opportunity to flourish. It can be said that the current system gives the South more of a ‘voice’ in the political economy, therefore increasing its chances for meeting its needs. “Free trade offers the best hope for poor countries to escape misery.” However, as discussed above, the current trade system is not one that can be characterized by a free and open system, which would be necessary for the substantial advancement of the South. In reality, “The WTO and its member countries adhere to a policy of lopsided liberalization easily infringing on the ideology of openness to protect their markets or their products.” Furthermore, “The definition of ‘free trade’ promoted by the WTO consists of selective protection of ICs [industrialized countries] special interests...coupled with a radical quick opening of developing economies to global markets.” These descriptions of the trade system certainly do...
