Question

Most of the international institutions (e.g., IMF, WB, etc) today were set up after WW2. What would you suggest to make them more effective in today's environment?

Answer 1

Most of the international institutions like IMF ( International Monetary Fund), WB ( World Bank), UN (United Nations) etc were set up after world war 2 to tackle world issues arising during the second half of the 20 th century. But with the changing in economy and demography of the world, the increasing pressure on natural resources and economy has changed the scenerio of world politics and economics. Where the most dominant economic powers are suppressing the not so dominant nations for their resources, poverty has crippled many nations due to inequality of resource distributions. Though many international institutions were set up to prevent many key global reforms, but due to the erosive decline of their legitimacy as most countries undermine these institutions due to their rapid increase in power. in order to work in today's changing environment, these institutions should be the representatives of not only the economically powerful countries but they also should give effective voice to the small and developing countries. Instead of becoming the puppets in the hands of major countries, they should give equal preference to each and every issue arising out of any country irrespective of their size and economy in order to maintain fair deal of global governance. All the International institutions should work collectively and consistently in times while handling global issues which can not be resolved regionally and nationally. It should also change its old age rules and regulations which are still followed to address global issues which require some updated strategies to handle. Transparency and accountability of these international institutions to their works will bring back faith of all countries which also will help them to resolve issues amicably. Instead of entrusting the role of top most posts to the powerful countries only , they could bring reform in their governing policies by including leaders from every countries for some fixed tenures which will bring back trust on these institutions and help building a coalition free world where every country works together for world peace and prosperity.