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One Major Problem of the General Agreement on Tariffs and Trade

question 45

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One major problem of the General Agreement on Tariffs and Trade (GATT) was the exclusion of certain classes of products. One of the most significant classes of product originally excluded from GATT was


Definitions:

Social Responsibility Pyramid

A framework suggesting that businesses are responsible to their stakeholders in a hierarchical manner, starting from economic, legal, ethical, to philanthropic responsibilities.

Milton Friedman

was an American economist known for his strong belief in free-market capitalism and for being a leading proponent of monetarism.

Economic Responsibility

Refers to the duty of organizations to make decisions that benefit the financial health of both the company and the wider economy.

Strategy

A plan of action designed to achieve a long-term or overall aim, often involving positioning a business for competitive advantage.

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