How does the WTO affect South America?

The Bretton Woods Conference of 1944 proposed the creation of an International Trade Organization (ITO) to establish rules and regulations for trade between countries. Members of the UN Conference on Trade and Employment in Havana agreed to the ITO charter in March 1948, but ratification was blocked by the U.S. Senate (WTO, 2004b). Some historians have argued that the failure may have resulted from fears within the American business community that the International Trade Organization could be used to regulate (rather than liberate) big business (Lisa Wilkins, 1997; Helen Milner 1993).