Question

Out of the three key economic organizations, the World Bank, the International Monetary Fund, and the World Trade Organization, make an argument as to which has been the most effective organization, and which has been the least effective organization. Argue your point of view

Answer 1

Out of the three economic organizations, the most effective organization is IMF (International Monetary Fund), because IMF provides financial assistance, economic stability, policy planning and implementation of liberalization program. It makes most of the nations to listen to what is proposed and offered by IMF. It is the reason that over 189 countries are the members of IMF. Here, World Bank also provides financial assistance, but it is mainly for the poor nations to build infrastructure needs and initiate economic growth. So, its impact to affect the policies of relatively developing and developed nations as it is done by the IMF.

The least effective organization is WTO. It has most of the nation as its members, but the organization is unable to affect the policies and stance of its member countries. There are many contentious issues such as subsidies, labor migrations that are not yet resolved by the WTO, despite its best of efforts. Here, member nations form groups and they fight against each other. As a result, standoff moves from one meeting to another meeting. It makes WTO to be the least effective organization.