Question

Discuss the emergence of Global Institutions

Answer 1

The emergence of Global institutions occurred after the second world war. These institutions emerged to stress the need for cooperation among world countries. World Bank, UNO, IMF, etc global institutions came into being after the second world war. These institutions are helping the world economically and politically. World bank has immensely helped developing countries in jumpstarting economic growth. Furthermore, UNO has averted many political crises across the world. WTO has emerged recently, it has reduced the trade barriers across the world. So now free trade is more dominant. Well being of people rising only because of these global institutions.

Although these institutions have set more inclusive global order, still these institutions are not working democratically. Developed countries are exercising considerable influence over these institutions. Hence, other world level institutions are emerging in developing countries such as Brics Bank , AIIB, these institutions are trying to counter the dominance of IMF and World Bank. Time has come to make these global institutions more inclusive and democratic to make world society better and prosperous.