Influence of the Bretton Woods meetings
In addition to changes in the economies of countries seeking to participate willingly or otherwise in the global market, there has been a rise in global financial institutions governing world and providing loans to countries,which are also dribing market liberalization and globalization(McMichael 2004). A number of key institutiongs and regulatory frameworks were established out of the Bretton Woods neetings following the Second World War. Sometimes referred to as the Bretton Woods institutions (named after the aki resort in New Hampshire,USA,where representatives of 45 countries met from 1 to 22 July 1944), these institutions include the International Monetary Fund(IMF), and the International Bank for Reconstruction and Development(IBRD),which was one of the institutions of the World Bank Group.Subsequent meetings meetings led to the signing of the General Agreetreaty negotiated in ‘rounds’ to promote trade and ward off protectionism(Roberts 2002).The World Trade Organisation was formed in January 1995 out of the GATT Uruguay Round. The World Trade Organisation is often seen as the successor of GATT and in 2005 there were 149 member countries. The World Trade Organisation is different from a treaty, as it has independent jurisdiction and the ability to enforce its rules on member states.The World Trade Organisation can set rules on the movement of goods, money and productive facilities across borders, thereby restricting countries in passing legislation or policies that discriminate such movement(McMichael 2004). The World Trade Organisation releases Ministerial Declarations following meetings, and the Declaration from Doha in 2001 stated that ‘International trade can play a major role in the promotion of economic development and the alleviation of poverty. We recognize the need for all our peoples to benefit from the increased opportunitiea and welfare gains that the multilateral trading system generates’(World Trade Organisation 2001). The World Trade Organisation also administers the General Agreement ON Trade in Services (GATS),which includes tourism under the category of ‘Tourism and Travel Related Services’.The aim of GATS is to liberalize trade in services so that member countries have to allow foreign-owned companies free access to their markets and with no favouritism towards domestic companies (Scheyvens 2002). This would give foreign-owned companies with greater economic power an advantage over small domestic companies.