For instance, the World Bank and the International Development Bank made it a requirement for Bolivia to privatize its water supply if they wished to continue receiving state loans. In addition, mines were privatized and then closed. It is believed that such policies caused the significant increase in unemployment and poverty, whilst worsening income inequality within the country. Within these countries, governments were following tight monetary policies to reduce inflation, which added to the financial suffering for individuals. In Bolivia prices reached a more stable level, which encourage foreign direct investment, however, political unrest and the economic decline of the late 1990s led to a fall in foreign investment. The role of the WTO The World Trade Organization focuses on promoting trade liberalization globally and regulating trade between countries. It was officially established in 1995 to replace the General Agreement on Tariffs and Trade. The headquarters are in Geneva, Switzerland and there are currently 161 member states (April 2015). It promotes non-discrimination between trading partners, the lowering of trade barriers and increased competition. In the past the organization has been criticized for overlooking developing nations and favoring rich multinational corporations, thus allowing issues such as child labour, poor working conditions, climate change, deforestation and the depletion of fish stocks to be neglected. More focus seems to now be given to provide for developing countries as well as environmental safeguarding. Some also criticize the WTO for the length of time it has taken to settle trade disputes. For instance, in 2000 the European Community requested consultations with the United States in regards to the US's continued application of countervailing duties on certain products, yet it was not until 2005 that the dispute was settled. Bilateral and regional preferential trade agreements
For instance, the World Bank and the International Development Bank made it a requirement for Bolivia to privatize its water supply if they wished to continue receiving state loans. In addition, mines were privatized and then closed. It is believed that such policies caused the significant increase in unemployment and poverty, whilst worsening income inequality within the country. Within these countries, governments were following tight monetary policies to reduce inflation, which added to the financial suffering for individuals. In Bolivia prices reached a more stable level, which encourage foreign direct investment, however, political unrest and the economic decline of the late 1990s led to a fall in foreign investment. The role of the WTO The World Trade Organization focuses on promoting trade liberalization globally and regulating trade between countries. It was officially established in 1995 to replace the General Agreement on Tariffs and Trade. The headquarters are in Geneva, Switzerland and there are currently 161 member states (April 2015). It promotes non-discrimination between trading partners, the lowering of trade barriers and increased competition. In the past the organization has been criticized for overlooking developing nations and favoring rich multinational corporations, thus allowing issues such as child labour, poor working conditions, climate change, deforestation and the depletion of fish stocks to be neglected. More focus seems to now be given to provide for developing countries as well as environmental safeguarding. Some also criticize the WTO for the length of time it has taken to settle trade disputes. For instance, in 2000 the European Community requested consultations with the United States in regards to the US's continued application of countervailing duties on certain products, yet it was not until 2005 that the dispute was settled. Bilateral and regional preferential trade agreements