What has been the impact of international organisations and trading blocs on the world economy?
             The world economy the combination of all economies that produce GDP together to get the Gross World Product and a large insight on to how the world is moving economically. Such a vast and enormous economy is impacted largely by lots of factors, particularly international organisations and trading blocs.
             Firstly, the international organisations are those which regulate, stabilize and monitor the world economy. The World Trade Organisation (WTO), formerly known as GATT is the largest of these international organisations to influence and impact the world economy. The WTO is an organisation which trials and handles disputes through different international economies and attempts to resolve so that there can be a better fair play. Although most countries abide by the rulings often many countries do not. For example, in recent years Australia has taken the USA to the tribunal in the subject of the USA subsidising its wheat farmers. Australia one the case yet US farmers are still being subsidised today.
             Moreover, these international organisations need to ensure fairness throughout all countries, particularly Newly Industrialised Economies (NIE's). Because many countries are still developing, many have trouble matching or even competing with Advanced Industrialised Economies (AIE's) efficiency. Although this may not seem to be the case in countries such as China which produce more than most countries, there efficiency is well below and AIE standards. The World Bank and the International Monetary Fund (IMF) have a large role in making sure stability is played out throughout the global economy. Developing countries need to be given a chance to be able to compete, so a monetary advantage is usually given to them.
             With the increase of the global economies importance, so too comes the increase in the significance of trading bloc ag
             ...