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The Intellectual and Institutional Development of Globalization - Essay Example

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This paper presents the intellectual and institutional development of globalization. There are many forces in the world that challenge established models and practices of state sovereignty. These include the emergence of new policies, the reconfiguration of world trade into gigantic trading blocks…
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Download file to see previous pages Globalization has challenged the pre-eminence of the nation-state, the mounting presence, and the increasing responsibilities of non-nation-state actors in overall governance. Economic power becomes decoupled from the nation-state and is, therefore, essential in the progress of 21st-century universal control. Global organizations such as the World Trade Organization (WTO), World Bank, and International Monetary Fund were developed to promote post-war reconstruction and economic development. Economically stable governments and corporations advocate for neoliberal policies and free-market solutions of international trade and debt-based finance. These are considered as the routes to poverty cutback support the functions of these organizations. Within the aggressive universal framework, third world nations are left with little choice other than to conform to the pre-set neoliberal program. Consequently, these states are often left with a weak economy and mounting debt.
According to Peet (2003), the aim of the International Monetary Fund (IMF) is to guard international fiscal stability, particularly by keeping a cap on inflation. This is achieved through pressuring countries to limit public spending. Furthermore, it maintains fiscal stability by making disbursements to nations with the balance of payment issues, stimulates growth and employment. Such countries are granted loans and credits to settle their debts and readjust the adopted economic policies so that they are not exposed to further financial crises in the future. Each year, the IMF sends economists to each of its member countries to assess the individual nation’s economic conditions. The economists examine macroeconomic conditions, exchange rate, monetary and fiscal policies, and other related policies, such as trade policy, labor policy, and social policy. The aim of this research is to give an external check on the state’s fiscal decisions that might have an impact on the global economic system.
WTO was formed in 1995 and acted as a forum for negotiating international trade agreements. Additionally, the organization aims to lower tariffs and non-tariffs barriers in order to increase international trade. The World Bank's original mandate is to provide long-term loans for reconstruction and fund multimillion-dollar infrastructure projects in developing countries. The loans are given in phases to make sure that the borrowing nations move forward with the development reforms. Loans are settled for long periods depending on the nature of the loan. The World Bank has been dedicated to aiding the implementation of the Millennium Development Goals (MDGs), proposed by the United Nations (UN) at the Millennium World Summit in 2000. The IMF is aimed at stabilizing global financial markets and national currencies by providing resources required to secure fiscal policies and monetary exchange rates, while the World Bank to rebuild economies by facilitating investment in reconstruction and development (Friedman, 2008).
However, these organizations are dominated by developed states, which put their agendas at the expense of developing nations. Developing countries in such situations are susceptible to demands for rapid liberalization. Consequently, this forces them to open their local economies. The globalization of economic activities raises queries about the hope of the nation. ...Download file to see next pagesRead More
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