Final answer:
The World Trade Organization (WTO), established in 1995, promotes free trade by reducing trade barriers and resolving disputes among countries. It succeeded GATT and has faced criticism for favoring developed nations and corporate interests.
Step-by-step explanation:
The World Trade Organization (WTO)
The organization that attempts to promote free trade around the world is the World Trade Organization (WTO). Established in 1995, the WTO took over from the General Agreement on Tariffs and Trade (GATT), extending its mandate to include services and intellectual property, in addition to physical products. The WTO's main objectives are to facilitate smooth, predictable, and free trade among its member nations, to reduce trade barriers, and to resolve trade disputes. It is headquartered in Geneva and has 164 member states, including major economies like the United States and China.
Despite its goals, the WTO has faced criticism for being perceived as favoring the interests of wealthy corporations and developed nations, often at the expense of workers, consumers, and the environment. Critics argue that the WTO's dispute resolution system seems to disproportionately benefit global corporations, giving them a significant influence on trade decisions.
In essence, the WTO works to ensure non-discriminatory trade practices among member countries, meaning that trade restrictions should apply equally to all members. It continues to play a significant role in promoting global free trade and achieving economic globalization by creating a single, integrated global economy.