Roles Played by WTO, IMF and World Bank in the World Economy
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Analyze the roles played by the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank in the world economy. Why do their actions often generate hostility, and is it deserved? Explain your answer.
It has been argued that "The criterion for Bank resource transfers should not be poor people, but poor people in countries without access to private capital". (Lerrick, 2005) Furthermore in the World Bank website is clearly stated that "We are not a bank in the common sense;" (World Bank, 2010). What is your opinion? Do you think that the World Bank is orientating its action in a right way or not and if not, any ideas of how to redefine its action?
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The solution analyzes the roles played by the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank in the world economy.
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Running Head: INTERNATIONAL BUSINESS
Role of WTO, IMF and World Bank
Roles
World Trade Organization (WTO): In the global era, WTO plays an important role in the world's economy. It is a powerful and sensible body that supports world's economy. Nowadays, world market and economic condition have become more complex. Through formulating policies and implementing these policies in the developing countries, WTO supports in the economic development of the country (Greenaway, 2009). WTO increases the trade liberalization by promoting "free trade" agenda. GDP and business of the firm are also affected by WTO's policies in right manner. So, it contributes at high level to develop world's economy. For example: In China and India, WTO helps to reduce poverty through the application of its policies and legislations (Mennen, 2010).
International Monetary Fund (IMF): International monetary fund also influences the world's economy through managing the financial crisis and frequent changes in the financial position of any country. In ...
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