Managing the Global Economy (original) (raw)

The global economy has become more globalized and interconnected socially, economically and financially due to the creation of several and important institutions at the end of World War II. These establishments were created to stabilize the international monetary system and the world economy. (WTO) World Trade Organization, (IMF) International Monetary Fund, (GATT) General Agreement on Tariffs and Trade, (IGO) International Governmental Organization, the World Bank Group, (OCED) Organization for Economic Cooperation and Development. These are among many others who have recently been established by global powers to reduce world poverty, improve health, sanitation, economic interdependence and free trade in the South (LDCs) also known as Less developed countries. LDCs are still struggling to compete and be at the same economic development as the North (EDCs) also known as Economically Developed Countries. In this research paper, I will lay out a framework for major institutions which were installed by the United States and its allies at the end of World War II. These systems became the backbone to assist in equalizing the world economy into a stable system of international and economic interchange in trade, investment, cooperation, and development. I will also examine and explain in details each organization and their purpose to help manage the global economy by providing evidence of regional and bilateral economic cooperation and development. These organizational groups are essential at facing the many challenges that globalization brings forth with the rapid economic diversification and the battle between economic internationalism and economic nationalism. Today this divisional debate between economic internationalism and nationalism has become more prevalent as the globalization of the world economies continue to both unite and divide between the North-South relations moving forward in the future.

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