Topic: Evolution of the International Economic System
How far are the world governance mechanisms, dominated by IMF and World Bank, legitimate and relevant? What measures do you suggest to improve their effectiveness in global governance?
Flow snapshot — how the answer movesIntro routesRoute 1 legitimacy ≠ relevance → two separate tests → the twins pass them unequally → function intact, consent missingRoute 2 votes fixed…
“The IMF, World Bank, G-7, GATT and other structures are designed to serve the interests of TNCs, banks and investment firms in a ‘new imperial age’” Substantiate with examples of governance of new world order.
Flow snapshot — how the answer movesIntro routesRoute 1 Cox: institutions never neutral, carry the interests of their builders → Chomsky: IMF/World Bank as instruments of TNCs and wealthy investors…
How are the rising powers challenging the USA and Western dominance in the IMF and the World Bank?
Flow snapshot — how the answer movesIntro routesRoute 1 twins still run on 1944 arithmetic → US 16.5% + 85% veto / G7 ~43% → BRICS ~11% against half the…
Critically evaluate the role of the United States of America in the World Trade Organisation (WTO) dispute settlement mechanism and its implications for the future of the WTO.
Flow snapshot — how the answer movesIntro routesRoute 1 binding DSM = what separated WTO from GATT → US as its chief architect → wanted a court to discipline others…
Explain the significance and importance of the demand raised by the developing countries for a New International Economic Order (NIEO). Are they likely to achieve their objectives of the NIEO in foreseeable future.
Flow snapshot — how the answer movesIntro routesRoute 1 decolonisation = sovereignty without economic power → NIEO carried by 1974 Declaration + Charter of Economic Rights and Duties → it…
Identify and evaluate the reasons for deadlock in the WTO negotiations on fisheries between the developing and developed countries.
Flow snapshot — how the answer movesIntro routesRoute 1 talks from 2001 → two decades → only a partial deal → science of depletion is agreed → the fight is…
The return of trade barriers and economic sanctions has diminished the spirit of GATT. In this context, discuss the factors contributing to the decline of WTO in recent times.
Flow snapshot — how the answer movesIntro routesRoute 1 GATT’s spirit = one rule for everyone (MFN: advantage to one extends to all) → tariffs ~40% (1947) to under 5%…
Latin America has made moderate success in countering US-led global economic order by forming various
Flow snapshot — how the answer movesIntro routesRoute 1 quarrel older than the organisations → Prebisch / structuralists: primary exports for the region, returns for the North → after 2000…
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