Friday, November 11, 2011

Potential Argument Topic - Decreasing the Global Income Cap

In the United States, there is a lot of unrest revolving around the topic of income inequality. The lower and middle classes argue that the '1%' are excessively wealthy and the rich see little reason why they should denounce their wealth. Granted, income inequality in the United States is a topic that deserves serious levels of economic attention, but I can't help but think that the topic of income inequality is a bit of a microcosm. The ones arguing against the super-rich are perhaps making only minimum wage but their argument encounters complications if they were in turn compared to the Filipino children working for eighty cents an hour. If we care so much about income inequality throughout the US, why not the world? Countries like Zimbabwe are fathoms behind countries like the US when it comes to income-generating ability and economic growth. As economic power continues to be a backbone of a nation's stability, we can ill-afford as people of the world to let smaller, less-developed countries be 'steamrolled' by economic giants. How? The answer lies in the World Trade Organization.

Established in 1995, the World Trade Organization has been the international force behind a liberalized international trading system that intends to build unprecedented global economic growth through the elimination of barriers to trade. The WTO’s mission, as they would put it themselves, is to be ‘the international organization whose primary purpose is to open trade for the benefit of all.’ In advocating for such a level playing field, the WTO provides a forum for negotiation and a collective body to oversee implementation of passed agreements. Through this forum space, even smaller countries are given the tools needed to not only be their own boss but to have a significant hand in world trade affairs. Whether it be the Principles of Equality that the WTO applies to all member-states or the essential veto power that each member-state has, the WTO does well to provide increased economic equality to all, thus decreasing the 'global income gap'.

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