Between 1950 and 1998 global exports rose eighteen fold, and global output six and a half fold. Globalization is a fact. We should all attempt to get the most from it. In other words, the WTO encourages nations to liberalize their economies. They do this by removing trade quotas and subsidies to uncompetitive local industries, and by limiting public spending that leads to inflation and disproportionately affects the poor.
Capitalism works best when unfettered markets set prices.
Nations benefit from increasing their levels of international trade. Developing nations and LDCs gain greater access to the markets of wealthier societies and foreign investment capital. Local economic sectors such as coffee and textile production then become infused with capital. Foreign trade is a source of strong and consistent economic growth. Developing nations know that the way to escape grinding poverty is to join the world trading system, not to hide behind walls of protectionism.