The paper "OECD and WTO: Economic Development in Developing Countries" is an outstanding example of a macro and microeconomics case study. There exists numerous international organization aimed at enhancing the economic development of the world at large, but there are challenges. The challenges, in this case, take the form of democratic deficiency and how it affects the economic development of different countries. For this paper, the goal is to explore how international organizations assist or hinder developing nations in developing their economies, where the arguments placed revolve around the democratic deficiency. As such, the report argues on the benefits that are accorded to developing countries and the hindrances presented by these organizations to the same countries, as well as their role in aiding exploitation by developed countries.
With this, the perspectives vary from positivity to negativity based on opinions and facts from experts and existing literature. As a result, the conclusions drawn can then be used to determine the relevance of these organizations. International organization in the world does little to assist developing countries in economic development with most of the countries struggling in spite of developing countries being the majority in these organizations, especially WTO.
In this case, these organizations in these countries tend to be side-lined since they have fewer delegates in the WTO to cater to their needs making it rather impossible to have their needs represented. This means that countries that are capable of representing their own needs tend to have their needs catered for leaving developing countries at the mercy of these developed countries and their concessions. In addition, these organizations side-line developing nations in that, very few developing countries comprehend the gravity of being members of these organizations since most join them for political purposes and to secure agreements with developed countries (Brown& Hoekman, 2005).
This implies that there are limited benefits to these developing countries since for them, membership is a formality imposed on them by developed countries in order for the developed countries to enter their economies with fewer limitations and policies hindering their growth. As such, the organizations side-line these nations due to the lack of knowledge of their rights and as members and limited resources with which to fight against unfair practices imposed by developed countries meaning that the role of these international organizations as mediators is limited.
The above makes the organizations, redundant in assisting the countries to achieve their goals by negotiating better terms of trade thus threatening the economies of these countries. In addition, the lack of delegates in these international organizations means that the countries have trouble in formulating policies to assist them in trade and develop their economies independent of developed countries. As such, these organizations only insist on having developing nations come up with policies that are in line with the principles of the organizations meaning that they remand at the mercy of developed nations (Gallagher, 2005).
This is because developed nations tend to have high stakes in these organizations such as funding and also have lobby groups working against developing nations and only enforce policies that allow penetration into the developing economics based on their own terms rather than what is best for the developing countries. Similarly, in the formulation of policies and their enforcement, these organizations have little for developing countries, where developing nations lack in experience for policy formulation, and they also lack in leverage to hold developed countries, hostage.
As such, the organizations act as umbrella bodies for corrupt practices and economic terrorism against developing countries since they use their resources to blackmail these countries into submission of new policies (Hanushek, 2013). Implications of this are that, these organizations serve as agencies capable of enforcing these regulations and for countries that fail to comply, they face embargoes in the form of trade sanctions and frozen trade concessions making these countries poorer.
The above amounts to hindrances in economic growth, where they can only trade with other unwilling parties and not developed countries that are capable of using their high economic status to elevate these economies.
Bayne, N & Woolcock, S (Eds.) 2011, The new economic diplomacy: decision-making and negotiation in international economic relations, New York, Ashgate Publishing, Ltd.
Bown, C. P & Hoekman, B. M 2005, WTO dispute settlement and the missing developing country cases: engaging the private sector, Journal of International Economic Law, Vol. 8, No. 4, p. 861-890.
Castells, M 2011, The rise of the network society: The information age: Economy, society, and culture (Vol. 1). Malden: John Wiley & Sons.
Fukuda-Parr, S & Lopes, C (Eds.) 2013, Capacity for development: new solutions to old problems, New York, Routledge.
Gallagher, K 2005, Putting development first: the importance of policy space in the WTO and IFIs, London, Zed Books.
Gelos, R. G., Sahay, R & Sandleris, G 2011, Sovereign borrowing by developing countries: What determines market access?, Journal of International Economics, 83(2), pp. 243-254.
Gourinchas, P. O & Jeanne, O 2013, Capital flows to developing countries: The allocation puzzle. Cambridge, Mass.: National Bureau of Economic Research.
Hill, C. W., Cronk, T & Wickramasekera, R 2013, Global business today. Bboston: Mcgraw Hill.
Hanushek, E. A 2013, Economic growth in developing countries: The role of human capital, Economics of Education Review, 37, p. 204-212.
Kharas, H 2010, The emerging middle class in developing countries (p. 6). Paris: OECD Development Centre.
Kose, M. A 2013, Effects of financial globalization on developing countries: some empirical evidence. India's and China's Recent Experience with Reform and Growth, p. 201.
Maddison, A 2013, Economic progress and policy in developing countries, New York, Routledge.
Porter, M. E 2011, Competitive advantage of nations: creating and sustaining superior performance. New York, Simon and Schuster.
Rodrik, D 2011, The globalization paradox: democracy and the future of the world economy, New York, W. W. Norton & Co.
World Bank Group (Ed.) 2012, World Development Indicators 2012, Washington, D.C., World Bank Publications.