Assess The Role Of Social And Economic Hellip

Topics: European Union, World Trade Organization, International trade Pages: 2 (1027 words) Published: June 8, 2015
Assess the role of social and economic groupings of nations in the world today. (40 marks) Social and economic groupings can provide substantial benefits for their members: political unity and strength, greater economic security, and wider cultural integration. It is therefore unsurprising that many countries seek membership to these organisations. However some economists note that there can often be clear power disparities between their members, and inequalities in the actual benefit gained from inclusion into the groupings. Furthermore, many external organisations, including the World Trade Organisation (WTO) claim that the activities and biases of some economic groupings have been influential in the creation of economic and development issues in countries outside the groupings. This essay will explore the role of social and economic groupings from numerous perspectives to suggest whether these groupings have had any predominantly positive or negative implications on the global society. The WTO governs world trade aiming to make trade fairer for everyone. However, in similarity to the governing of the EU, there is a lack of proportional representation – Malawi has one member, France has 165. One of the most prominent and powerful economic groupings is the European Union (EU), originally founded as a trade union between 6 European countries including West Germany, France and Italy to improve trade links for coal, iron ore and other natural resources need to fuel repair and redevelopment of urban areas after WW2. Since its conception, the majority of western European countries have joined the EU which has now grown to integrate the countries beyond the trade of natural resources. Today, as an economic union, the EU allows free movement of labour, trade and capital. This provides greater economic interdependence between the member countries and therefore greater economic security, key to sustainable growth. Furthermore, the EU shares common economic and...
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