etv global economic governance has been ineffective in tackling poverty

also answers north,south divide, imf and wb have done more harm than good

para

IMF AND WB neolib capitalism

WTO promotion of free trade

un tackling poverty

imf and wb neolib capitalism

yes: neolib reforms promoted by imf and wb deepened poverty in n-s. had to accept austerity. imf and wb SAPs dependence on external financial aid incl deregulation, privatisation reduce public spending on essential service eg healthcare. 2025 sub-saharan africa makes up for nealry 70% of global extreme poverty. nigeria SAPs introduced, refforms caused living standards to decline esp for poor. 1990s, poverty increased from 30% to 66%

no: use lending to help countries escape financial crises and develop economically. essential for addressing fundamental economic problems. reforms involve short term pain eg cutting gov spending neccecary to restore long term stability and growth eg ghana in 1980s imf backed reforms had some succuess in reducing inflation stabilising currency. classical economic development theory: global south open their economies to trade, can have comparative advantage bc specialise in goods. eg india opened economy in 90s experienced rapid growht 6-7% annually eg in tech. reduce extreme poverty from 45% to 6% by 2024

wto promotion of free trade

yes: free trade has perpetuated global capitalism entrench poverty which benefits richest. peripheral states dependant on exporting raw materials. eg crude oil and gass around 90% of nigerias exports and 60% of gov revenue appx 40% nigerians live below poverty line. should also be investment in education and infrastructure as in china and south korea. china bringing 800m ppl out of poverty.

no: wto achieves free trade by providing a forum for negotiating trade agreements and settling disputes btw members. bali trade facilitation agreement 2013 simplified customs procedures globally reduce global trade costs by 14% on avg helping small businesses and landlocked countries in int trade. btw 2000 and 2024 global economy has nearly tripled in size

un tackling poverty

yes: decision making largely dominated by worlds wealthiest countries motivated by econ succuess rather than tackling poverty or climate change. eg imf and wb disproportionately favours wealthy western nations voting pwr determined by financial contributions. usa holds 16% voting pwr in IMFs. world systems theory- wlrd econ continually extractef ffrom periphery and developed nations have no interest in distrupting this. developed countries committed to giving $100b annually to developing nations at COP15 in 2009 and reaffirmed this at COP26 little follow through

no: un,wb and imf have launched initiatives aimed at reducing poverty and enhancing development. MDGs est by un targeted halving global poverty by 2015. goal met ahead of schedule. SDGs aim to eliminate extreme poverty by 2030. address key structural issues incl inequality, climate change and access to education and healthcare.