To what extent do organizations like the IMF, WTO, and World Bank challenge the nation state’s ability to shape domestic economic and social policy?
To what extent do organizations like the IMF, WTO, and World Bank challenge the nation state’s ability to shape domestic economic and social policy? This should not be a paper about the history of these organizations.
The International Monetary Fund (IMF), the World Bank, and the General Agreements on Trades and Tariffs(GATT), which turn into the World Trade Organization(WTO), are the main organizations that deal with the stability of the global economy. They have done this but promoting trade, issuing loans to countries in economic trouble and allowing international investing. The problem that has arisen from these organizations is that they have sacrificed the domestic economy of many countries in order to support their global agenda.
A quick over view of how the WTO, IMF and the World Bank started and operate. Post World War II, many countries looked to rebuild the financial structure of the global economy without losing their power in the economy. The three organizations each share a common goal of international policies. The IMF was created to maintain global monetary cooperation and stability by making loans to countries with balance of payment problems, stabilizing exchange rates and stimulating growth and employment, the WTO deals with international trade, both formalizing trade and settling disputes between countries, and the World Bank has steadily increased its original mandate of providing long term loans for reconstruction, to funding multimillion dollar infrastructure projects in developing countries.
These individual organizations have come under much scrutiny for their involvement in the international economy. They have been accused of negatively affecting the economies of its participating countries instead of helping. Many policies set forth by these groups have shown a drastic change in the growth of the domestic economy and social policies. These policies mostly affect less developed countries’ economies since the IMF and
The International Monetary Fund (IMF), the World Bank, and the General Agreements on Trades and Tariffs(GATT), which turn into the World Trade Organization(WTO), are the main organizations that deal with the stability of the global economy. They have done this but promoting trade, issuing loans to countries in economic trouble and allowing international investing. The problem that has arisen from these organizations is that they have sacrificed the domestic economy of many countries in order to support their global agenda.
A quick over view of how the WTO, IMF and the World Bank started and operate. Post World War II, many countries looked to rebuild the financial structure of the global economy without losing their power in the economy. The three organizations each share a common goal of international policies. The IMF was created to maintain global monetary cooperation and stability by making loans to countries with balance of payment problems, stabilizing exchange rates and stimulating growth and employment, the WTO deals with international trade, both formalizing trade and settling disputes between countries, and the World Bank has steadily increased its original mandate of providing long term loans for reconstruction, to funding multimillion dollar infrastructure projects in developing countries.
These individual organizations have come under much scrutiny for their involvement in the international economy. They have been accused of negatively affecting the economies of its participating countries instead of helping. Many policies set forth by these groups have shown a drastic change in the growth of the domestic economy and social policies. These policies mostly affect less developed countries’ economies since the IMF and
Cited: Danaher, Kevin. 50 Years Is Enough: The Case against the World Bank and the International Monetary Fund. Boston, MA: South End, 1994. Print. Goldman, Michael. Imperial Nature: The World Bank and Struggles for Social Justice in the Age of Globalization. New Haven, CT: Yale UP, 2005. Print. Rothenberg, Paula S. Beyond Borders: Thinking Critically about Global Issues. New York: Worth, 2006. Print.