What Is the Impact of Global Institutions’ Governance on Globalization and Economic Inequality?

• In Event: 261 - Section on Political Sociology Refereed Roundtable Session and Business Meeting
  In Refereed Roundtable 60min: Table 12. Issues in Governance

Abstract

After briefly explaining globalization, I name several global institutions; however, this paper focuses primarily on the United Nations segment, which is the World Bank and the International Monetary Fund, and to a lesser degree on the World Trade Organization. The paper’s primary objective is to determine the impact of global governance on economic inequality. Initially I rationalize the need for global governance and include a brief history of globalization since the mid-18th century. This leads to reviewing the power imbalance, which spurred both the Bretton Woods Agreement and the institutionalization of the International Monetary System. Subsequently I explain global systems’ influences on economic growth and poverty in nonwealthy countries and the implications of good governance. Before concluding with my arguments for how we might make some improvements in global governance, I identify several critical policy weaknesses.

Author

• Greg Williams, Fielding Graduate University