Global Governance: Key Institutions and Agreements

Globalism

Globalism is a philosophy that views the world as a single, interconnected community. It advocates for political and economic unification on a global scale.

United Nations (UN)

The United Nations is a prominent global organization dedicated to promoting world peace and economic prosperity.

General Assembly

The General Assembly is a principal organ of the UN where representatives from member countries discuss international issues and make recommendations for action. It cannot enact laws but determines the UN's budget.

Security Council

The Security Council is responsible for maintaining international peace and security. It has five permanent members (China, France, Russia, the United Kingdom, and the United States) and ten elected members.

Economic and Social Council

The Economic and Social Council studies economic and social issues and makes recommendations to the General Assembly, individual nations, and UN specialized agencies.

World Bank

Established after World War II, the World Bank provides financial assistance to developing countries and promotes economic growth.

Institutions of the World Bank

International Bank for Reconstruction and Development (IBRD)

The IBRD focuses on providing loans to middle-income countries.

International Development Association (IDA)

The IDA provides financial assistance to the world's poorest countries.

International Monetary Fund (IMF)

The IMF monitors the value and exchange of national currencies and provides financial assistance to governments for economic development.

World Trade Organization (WTO)

The WTO establishes and enforces trade rules among its member countries. It promotes free trade and resolves trade disputes.

General Agreement on Tariffs and Trade (GATT)

The GATT was the predecessor to the WTO and established regulations for international trade before 1995.

North American Free Trade Agreement (NAFTA)

NAFTA, ratified in 1993, eliminated trade barriers between the United States, Mexico, and Canada.

European Union (EU)

The EU is a political and economic union of Western European countries. It has a common currency (the euro) and harmonized economic, legislative, and judicial policies.

Euro

The euro is the official currency of the EU and is used by its member states. It was introduced to facilitate trade within the union.