Essay: Apart from all these issues WTO has also been a subject of intense speculation while many consider WTO as the first emerging global government. Proponent of this theory believes that the WTO is operating secretly and their hidden agenda is to alter the constitutional rights of the sovereign states. They believe that WTO lacks transparency and therefore it has been charged of violating democratic accountability.
It would protect private interest for alleged privatization and liberalization which would eventually result in crisis. In the year 1999 at the annual meeting of the WTO thousands of protestors gathered to protest against this act. The protestors were carrying pamphlets and banners which carried the message of disliking against this new world order. The point on which the protest was being done was that due to this new world order the national economic policies were being unwavering by an organization that was unaccountable to the formal, national democratic process (Harrison, 2007). Also as we have discussed before the protestors believed that the policies posted by the WTO will wear down the power of national governments. They claimed that it would also disturb the environment because of the lack of balance of power as the policies of WTO favored the interests of multinationals corporations. The argument which was presented by the advocates of the WTO against this protest was that they were failing to understand the benefits of free trade. Ever since this incident protests against WTO, World Bank and IMF have become a routine matter (Harrison, 2007).
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