... Trade Organization (ITO). (Balaam, Veseth: 116). The ITO never succeeded the GATT as the latter proved surprisingly successful in liberalizing the world's trade. Another reason for the ITO never materializing was due to protectionist interests within the U.S congress at the time. By the mid-1990s there were calls for a stronger multilateral organization to monitor international trade and resolve international disputes. (Britannica: 2004). The WTO came into being on Jan. 1, 1995, with 104 countries as its founding members. (Britannica: 2004). The WTO represents "a multinational effort to manage the entire international trade system without the necessity of a national hegemon imposing order on the system". (Balaam, Veseth: 121). Recently the WTO's functions have shifted from bringing down barriers to setting the terms of global competition. (Balaam, Veseth: 121). At present the organization has several responsibilties including; policing member countries' adherence to all prior GATT agreements, including those made at the ...

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