World trade governance and policy in a globalized age

Abstract: The aim of this paper is to study the contemporary world trade regime as part of the process of globalization. The main question in this study is: "How is the contemporary world trade regime part of the process of globalization?" Three guiding questions in this study are: "Which shifts in governance and policy on world trade issues can be observed since the middle of the twentieth century?" "How are the shifts in governance and policy related to each other?" "Which interests benefit and which interests don't benefit from the contemporary world trade regime?" This study is an analysis of world trade governance and policy that will outline the historical developments and the impact of the process of globalization. The study is mainly based on literature, sometimes internet sources are used. The conclusions of this study are that the world trade regime has shifted from unilateral and bilateral regulation towards multilateral governance by the GATT and subsequent the WTO agreements as well as by the regional trade agreements. Policy has shifted from protectionism towards liberalized trade. The shift in governance has provided trust and stability in the interstate system and has made liberalized trade possible. The study has made clear that theories on world politics differ about the benefits of the world trade regime. Both world trade and the process of globalization make self-sufficiency for countries obsolete by creating extensive interdependence between states and people. The paper shows that the contemporary world trade regime is part of this process of globalization.