The Governance of Globalisation; Is it time for an alternative Essay

The Governance of Globalisation Is it time for an ersatz approach - Essay ExampleThe dominant system for world governance in the first swan of globalisation was the colonial domination of the world by European powers. In the second wave of globalisation, different internationalist agencies were established to loosely make out the liberalised world economic order. The important international agencies which were established to oversee the global system were the International Monetary Fund or the IMF and the General Agreement on Tariffs and bargain or GATT. The GATT was later transformed into the World Trade Organisation or the WTO, which is made up of 28 intergovernmental agreements by which member states agree to limit their sovereign right to intervene in international manage. It was hoped that with such agencies, it will be possible to facilitate international trade and manage the international economic system. The WTO like a shot has 144 member states and an additional 30 which are awaiting accession. The benefits that have been provided by the WTO agreements include the liberalisation of international trade, the rule of law, a procedure for the settlement of disputes, cutting of tariffs by the industrialised world and the elimination of the around favoured nation status amongst others. These measures have considerably enhanced the volume of international trade with nearly 25% of the global output being traded. Despite the criticism levied against it, the WTO has been successful in the past 50 days to provide a mechanism to avoid protectionism and trade retaliation, with its Council having authorised retaliation through tariff increases in very few cases. Government trade policies are more stable and predictable and the international trade which is vital for global stability keeps flowing (Von Braunmohel, 2005, Chapters 1 2), (Strange, 2003, Complete), (Kimon, 2000, Complete), (Institute for International Economics,