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Global Governance
Refers to the sum of laws, norms, policies, and institutions that define, constitute, and mediate transnational relations among states, cultures, citizens, intergovernmental, and nongovernmental organizations. It is the system of rule at the global level without formal government and management of global problems by states and non-state actors.
Globalization
It increases interdependence among states, making cooperation essential to manage global challenges.
Governance
It is no longer confined to states; it includes international organizations, transnational corporations, civil society groups, and individuals.
Globalization and Global Governance
It provides mechanisms to coordinate collective action in addressing issues such as security, environment, health, and trade.
United Nations
UN Meaning
UN
Founded in 1945 to maintain international peace and security, develop friendly relations among nations, promote social progress, better living standards, and human rights.
World Trade Organization
WTO Meaning
World Trade Organization
Deals with global rules of trade between nations; ensures trade flows smoothly, predictably, and freely.
IMF
Promotes international monetary cooperation, exchange stability, balanced trade growth, and financial assistance.
World Bank
Provides loans and technical assistance to developing countries for development programs.
Group of Seven and Group of Twenty
Forums for major industrial and emerging economies to coordinate policies and discuss global economic governance.
Multilevel, Inclusive, Dynamic, Normative, Cooperative
Natures of Global Governance
Multilevel
Nature of Global Governance that refers to local, regional, and global interactions.
Inclusive
Nature of Global Governance that involves state and non-state actors.
Dynamic
Nature of Global Governance that adapts to changing global realities.
Normative
Nature of Global Governance that is influenced by international laws and norms
Cooperative
Nature of Global Governance that relies on collaboration to achieve common goals
Participation, Accountability, Legitimacy, Effectiveness, Subsidiarity
Principles of Global Governance
Participation
Principle of Global Governance stating that all stakeholders should have a voice in decision-making.
Accountability
Principle of Global Governance stating that institutions and actors must be answerable for their actions.
Legitimacy
Principle of Global Governance stating that authority must be accepted as rightful and just.
Effectiveness
Principle of Global Governance stating that governance should produce desired outcomes.
Subsidiarity
Principle of Global Governance referring to decisions made at the most immediate or local level possible.
Unequal power relations between developed and developing states.
Lack of enforcement mechanisms.
Overlapping mandates and bureaucratic inefficiency.
Dominance of powerful nations in global decision-making.
Growing nationalism and weakening multilateralism.
Challenges in Global Governance
Paris Agreement in 2015
Global accord to combat climate change.
UN Sustainable Development Goals
17 goals to end poverty, protect the planet, and ensure prosperity.
2015 to 2030
Implementation period of UN SDGs
World Health Organization
Leads global health responses, including pandemic control.
Economic Globalization
refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies
IMF
Stated that economic globalization is a historical process, the result of human innovation and technological progress
Marketization
A restructuring process that enables state enterprises to operate as market-oriented firms by changing the legal environment in which they operate
Rapid development of science and technologies
Served as basis for immediate globalization of the world economies which in turn provided an environment where there is a swift spreading of market economic system all over the world
Marketization and Rapid Development of Science and Technologies
Two Major Driving Forces for Economic Globalization
Trade of Goods and Services, Financial and Capital Markets, Technology and Communication, Production
Dimensions of Economic Globalization
Internationalization
an extension of economic activities between internationally dispersed activities
Economic globalization*
a functional integration between internationally dispersed activities which means that it is a qualitative transformation rather than a quantitative change
Transnational Corporation
Also known as multi-national corporation
Silk Road
started in western China, reached the boundaries of the Parthian empire, and continued onwards towards Rome
International Monetary System
IMS Meaning
IMS
refers to a system that forms rules and standards for facilitating international trade among the nations