Question

1. Some have argued that the World Trade Organization, the World Bank, and the International Monetary Fund are fundamentally undemocratic and promote the interests of the rich and powerful over those of the poor and dispossessed. Explain both sides of this issue. Who do you think is right? Why?

Answer 1

World trade organisation, World bank, Imf are the major organisation which enhances the global economic balances and they are the one who takes the major decisions which will affect the whole world economy. These organisations are developed for the purpose of the enhancing the world trade and by that promoting all countries and to avoid the hindrance of boarders. These authorities regulates the world economy and they are providing the funds to various countries when needed.

I strongly disagree with the above said opinion that these organisations are working for rich and powerful people. They never work for certain group of people but will work for the whole economy which consist poor and rich people. Recently IMF published some articles about the life of poor people and they sometimes implement new contributions for the poor countries. When a poor nation suddenly needs funds for facing any emergencies then these organisations will come to help and they provide adequate facilities to enhance the economy.The major motive of these organisation is to enlarge the world economy and make it stable. Stabilizing the economy is very needful and a proper stabilized economy shows more better life of the people. working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Reduction of poverty is a major aim of these institutions. So we can not say that these organisation is working for rich people. This is working for the whole economy.

The major reason for these kind of opinions are when we are looking world bank, WTO nd IMF are doing many things for enhancing the world trade. They are dealing with huge money and it seems to be like these are big businesses and poor people didn't get benefited from this. When we are thinking the poor people never get involved in international trade then how these instituyions provide help to those people. May be this will be the reason that many of us saying these kind of organisation only support rich people. But this is a wrong concept . Developing an economy means all the people under the particular society will get benefited from this. If the economy developed then the rich people and poor people also get benefitted from that. That will provide more employment opportunities, reduction of poverty, sustainable development etc. So we can conclude these institutions are the key factors for the economical development.

ThankYou...