Acta Universitatis Danubius. Juridica, Vol 1, No 1 (2005)

Abstract

Today we witness at spectacular transformations that the world had never known before. But these transformations led not only to significant performances but also to serious crises. The phenomenon has been qualified by the scientists with the term of globalization. Globalization has various aspects which affect the world in several different and people must understand that globalization is not only an economic phenomenon. From the beginning the globalization led to many controversies between people all over the world. Supporters of globalization argue that globalization leads to peace by diminishing the incentives for conflict, that trade creates wealth, and so on. On the other side most people who are labeled "anti-globalization" look at both the damage to the planet, in terms of the perceived unsustainable harm done to the biosphere, as well as the perceived human costs, such as increased poverty, inequality, miscegenation, injustice and the erosion of traditional culture which, the critics contend, all occur as a result of the economic transformations related to globalization. The World Trade Organization is the international organization designed to supervise and liberalize international trade and the principal supporter of the phenomenon of globalization. The European Union also is a defender of free trade and with the World Trade Organization hangs together in monitoring the international market. Dispute settlement is regarded by the WTO and by EU as the central pillar of the multilateral trading system.