Global Governance

Topics: World Bank, International Monetary Fund, Monetary policy Pages: 10 (3394 words) Published: March 30, 2013
Summarise the key points discussed
1-The concept of Global Governance
2-What is the WB, Roles and Functions in today’s world.
3-Some examples of WB policies not being effective: Brazil. 4-The consequence of the WB’s policies that were not successful: Brazil. 5- Successful WB policies that were effective and improved India. 6-What is the IMF, Roles and Functions in today’s world. 7-The differences & similarities between the IMF and World Bank. 8-Some examples of IMF policies not being effective: Iceland and Greece. 9-The consequence of the IMF’s policies that were not successful. 10-Successful IMF policies that were effective and improved Jordan and Greece. The concept of Global Governance

Like globalisation, global governance is a permissive notion. According to Biersteker,T. “global governance is applied to a wide variety of different practices of order, regulation, system of rules and patterned regularity in the international arena”. •Rosenau (1992b:7) describes global governance as “an order that lacks a centralized authority with the capacity to enforce decisions on a global scale” •The purpose of worldwide governance is for the management of interdependence that is absence on the global state. •According to Bull,H. (1977) it must also be for a great global objective, “global governance must be purposive and/or oriented toward the achievement of some goal or goals.” •For global governance to be effective it must be patterned with some sort of regularity or order at a global level. •Global governances need to have a system of rules. Global governance entails decisions that defines and shape expectations at a global level. Governance requires acceptance by a significant portion of some relevant population and therefore is a dependent on inter-subjective meaning as a formally sanctioned constitution and charters (Rosenau 1992b:4) •Global governance should not be equated with country’s government but a function within the respective countries government. •According to such a view, only with global governance will state and people be able cooperate on economic, environmental, security, and political issues, settle their disputes in a non-violent manner and advance their common issues and values. Global governance is thought to bring out the best in the international community and rescue it from its worst predispositions. •Absence of global governance in today’s world, countries are likely to retreat to behind protective barriers and re-create the conditions for enduring conflicts. •Duvali, R. and Barnett, M. “Power of Global Governance” –Cambridge Studies

What is the World Bank, roles, functions and objectives?
The World Bank group consists of 5 organisations according to the World Bank’s corporate site 2013 “The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries, The International Development Association (IDA) provides interest-free loans—called credits— and grants to governments of the poorest countries, The International Finance Corporation (IFC), which provides financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments to developing countries, The Multilateral Investment Guarantee Agency (MIGA) which promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives and The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.” •Was established in 1944, has headquarters in Washington D.C. with employees in excess of 9000 and over 100 offices globally. •Its overall mission according to the Bank Information Centre is poverty reduction. •Has a membership of over 187 countries, in 2012 the WB provided over $30 billion in loans to developing countries. •...
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