The researcher of this essay aims to evaluate and present advantages and disadvantages of international economic institutions. The focus in this paper is on World trade Organization (WTO), International Monetary Fund (IMF) and The World Bank (WB)…
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This research will begin with the statement that global economic institutions aim to understand the dilemmas and opportunities faced by several economies of the world. Through their formal chain of command system and global applicability, these institutions facilitate economic actions that are aimed to achieve progress and development. Some of the key institutions in the world are WTO, IMF and World Bank (Mole) There are many economic institutions in the world. According to EDIRC there are currently 12,542 institutions in 231 countries and territories mentioned. Many of these economic institutions came into existence after the world war. They were basically founded to promote economic cooperation between countries and help in the recovery of world economy from a downturn. The present World trade Organization (WTO) was General Agreement on Tariffs and Trade before 1995. According to the official website of WTO it has 153 members and is located in Geneva, Switzerland. Its aims include removing barriers to international trade, keeping an eye on global economic policy, providing a platform for negotiating and resolving conflicts, reviewing the national trade policies, helping developing countries by providing loans and finally conducting economic research. Now let’s shift focus from WTO to the famous international Monetary Fund (IMF) which was also created after World War 2 in the year 1946. According to the official website of IMF It has 185 members and is located in Washington DC....
The new global body would make sure that exchange rates remained stable and it gave confidence to its member countries to finish exchange limitations that prevented trade. The World Bank is another instance of an institution that was made to act as a global connector of knowledge, learning and modernization for poverty elimination. It links together practitioners and institutions to assist them in locating suitable answers to their development challenges. With an emphasis on the "how" of modification WB connects knowledge from around the world and causes modernization to rise. The WB’s aim is to be enable connection of knowledge, learning and innovation for poverty reduction. Practitioners and institutions are connected to facilitate suitable solution to developmental challenges. The focus is on how to reform, and the methodology involves linking up knowledge from around the world and scaling innovation. WBI’s dream is to encourage change negotiators and provide them with suitable instruments enable development. The WBI has always sought to invest in a row of nontechnical methods that match technical answers to development problems. WBI’s part is to act as a booster for development. By enabling universal reach of innovative technology, they are making instruments, approaches, and online platforms to help in opening and working together on the development process between governments and nations.WBI assists in partnerships and information sharing between policy makers and practitioners. It has made a devoted team that has its centre of attention on South-to-South performer exchanges and participates in a joint venture and outreach function in increasing the eminence of SSKE through
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