4. Critique The WTO promotes economic globalization and free trade, which some consider problematic. WTO treaties have been accused of unfairly favoring multinational corporations and wealthy nations. While membership is voluntary, not joining practically places the protestor under embargo. The WTO therefore creates an international system of forced economic rules which discourage change and experimentation. Decision making in and related to the organization has faced much criticism as well. The "big three" members - the United States, the European Union, and Japan - have been accused of using the WTO to exert undue influence over less powerful member states. In addition, some believe that member states have adopted WTO treaties undemocratically or to the detriment of their citizens.
5. Jean Monnet is regarded by many as the architect of European Unity. Never elected to public office, Monnet worked behind the scenes as a French administrator to unify the Western European powers .
6. Three “Communities” Developed: European Coal and Steel Community Guaranteed access for all to coal and steel in Ruhr + eliminate import duties and quotas on coal and steel European Economic Community (Common Market) Eliminated trade barriers and create common tariffs + free movement of capital and labor 1952 1957 European Atomic Community Coordinated their nonmilitary atomic research and technology 1957
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8. European Union (EU) Created in 1992 with the Masstricht Treaty Currently 29 members Covers a variety of issues: Health, Economic, Foreign Affairs, Defense Created a free-trade union Created single currency (Euro) adopted by 20 of 29
9. Misery Index 1970-1986 Combining rates of unemployment and inflation provided a simple but effective measure of economic hardship. This index represents the sum of two times the unemployment rate plus the inflation rate, reflecting the widespread belief that joblessness causes more suffering than higher prices.
