The paper "Role of the World Bank and the World Trade Organization in International Development " is a good example of business coursework. International trade has become an important activity in the modern and globalized world. The increase in the fusion of cultures, economic and political system has ensured a steady flow of information about goods, services and information across borders. The increasingly competitive and globalized world has made it difficult for countries to live in isolation. The need to trade with each other has spurred the growth of international markets from where countries from around the world are able to exchange goods and services.
Today, more firms, organizations and agencies have realized the importance of diversification and also the potential for growth available across the globe. Thus we are witnessing increased globalization in sectors like technology through outsourcing, manufacturing and the service industry. Multinational Corporations are at the forefront of the explosion of global investments. This essay will be examining the role played by nation-state governments as far as international trade is concerned. It will look at representatives from the nation-states and how they have contributed to the organization of institutions in the international trade environment.
It will specifically focus on the role these nation-states play in the organisation of the World Trade Organization and the World Bank and how this is affected by the globalization of worldwide trade patterns. It will also assess international trade in relation to existing international laws dealing with the environment and human rights (Parker 2003). To understand the pattern of international trade, there is a need to assess the role that globalization has played in shaping current international trade patterns.
Globalization can be viewed as the increasing fusion of people and countries which is as a result of the growing exchange of goods, services and investments across national boundaries (Sands 2000). Globalization of world economies became more pronounced after the end of the Second World War when the capitalism wave was being felt across the globe. Globalization has led to increases in the way people interact across borders and ensured that there is a free flow of goods, services knowledge and experiences across the globe. The explosion of the information and communication sector has fuelled the high pace at which globalization is taking place.
Free market economies were seen as the panacea for growth across the world. Establishment of international bodies like the World Bank and the IMF served as accelerators for international development. Nevertheless all after all these years of global trade, the patterns are still skewed in favour of few countries that have come up with legislations and laws that have become big barriers to the free flow of global goods and services. This is one issue that nation-states are grappling with as they try to fit into the global trade environment (Lowenfeld 2002). Nations states can be said to be political organizations that are legitimate in nature and have unlimited access to power as far as carrying out its administrative functions and maintenance of order is concerned.
It has legitimacy over the use of force and all its citizens whether by birth or any other means are bound to obey its authority as far as they are within its boundaries. These nation-states remain in existence as long as their claim to unlimited access to means of maintaining order is preserved.
All citizens found in the confines of the nation-state and those who fall under it due to other reasons are bound by the authority of that nation-state. There are various characteristics that differentiate a nation-state. This include-: unlimited control of ways through which violence is administered, presence of boundaries separating it from another, objective supremacy and autonomy (Pierson 1978).
Parker, L 2003, Political Organizations, Pearson Prentice Hall, Upper Saddle River, NJ.
Sands, P 2000, Analyzing International organizations, (Third Edition), Oxford University Press, Oxford
Pierson, B 1978, Political Power and Modernisation, Cambridge University Press, London
Knapper, S 1998, World Trade Organization: Study in Skewed Integration, McGraw Hill, New York.
Lowenfeld, F 2002, International integration and the WTO, Oxford University Press, London.
Bandon, D 1995. Third World Poverty and the World Bank, St. Martin's Press, New York.
Childers 2001, Environmental Management in Developing Societies, Columbia University Press, New York.