The WTO has reached a deal, but nothing is to happen right now, or even close to Now! Farm subsidies are to end by 2013, a nice Date which places the current World leadership in retirement mode at time of implementation. Three top Vacancies at the Fed in 2006, as no one wants to be responsible for whatever new Fed policy is enacted: a tight Money policy is needed, but it will doom the current Generators of economic growth. All the above-mentioned Participants were quick to join the bandwagon when unstable and dangerous leniency was introduced into Markets Worldwide that were bound to buoy up the economies of the World in the Short-run, but were all destined to create over-Investments in Capital and disbalance in development strategies of the several economies. The Later series of events is Now!
The developing countries are not going to benefit from Trade with the Developed Nations. Selling the Wealthy nations cheap Agricultural products is no panacea. Capitalization of Agricultural products will be too excessive, and Capitalization of Industrial Goods will disappear as Developed Nations undercut the Cost structures of native manufactures. Both sides of the Trade equation will also have to capitalize an excessive Transportation industry, and provision it with Energy needs which no one can afford. It can be simply put for easy understanding: Developing Countries need Trade barriers, they are the only protection from the parasitism of foreign advanced development.
There are Those who honestly believe that Trade is the salvation of the Poor, Why are the numbers of the Poor increasing Worldwide, in both Developed and Developing Nations? This Author started economic life as a Free Trader, but thinks he may end that life as a Trade Protectionist. lgl