Introduction:
With the passage of time there will be many changes globally that would affect the
economy of many countries. Globalization was one of the major changes that the world
witnessed recently, and similar to this kind of major make over, there are expected to be
more isolated yet more effective changes made.
In the last 10-15 years trade has seen major changes. These changes are ones that directly
affect the lives of the working class, and have raised a great deal of concern for millions of
people. This is because of the fact that democratic principles might well be overwhelmed
by capitalist endeavors. However, from a governmental perspective it appears that these
strategies are ones that would not interfere with democracy. It seems that the government
believes that the alliances would aid the effect of globalization, thereby creating better
trade in the North Western hemisphere.
There are many organizations who act as the alliances some of the most noted ones are the
World Trade Organization & The IMF there are briefly described below
World Trade Organization (WTO): –
The World Trade Organization (WTO) is the only global international organization dealing
with the rules of trade between nations. At its heart are the WTO agreements, negotiated
and signed by the bulk of the world trading nations and ratified in their parliaments. The
goal is to help producers of goods and services, exporters, and importers conduct their
business (Lucas, 2003).
International Monetary Fund (IMF): –
The International Monetary Fund is a specialized agency of the United Nations system set
up by treaty in 1945 to help promote the health of the world economy. Headquartered in
Washington, D.C., it is governed by its almost global membership of 184 countries.
The IMF is the central institution of the international monetary system