Developed nations exert influence in international trade, shaping policies to their advantage, while less developed countries are often disadvantaged by the current global trade system.
Developed nations are in a position to 'make the rules' in international trade due to their economic power, historical dominance, and influence in global organizations like the World Trade Organization. They often set policies that benefit their own interests and industries.
Less developed countries claim that international trade and financial policies favor wealthier nations because the global trade system tends to benefit more developed countries, utilizing lower-cost labor in underdeveloped nations while often undervaluing their products.
Factors that contribute to this situation include historical inequalities, power dynamics, and the ability of wealthier nations to shape global economic policies to their advantage.
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