Global Problems and Solutions: Reform Proposals for The Effectiveness of International Economic, Financial and Political Organizations
Chapter from the book:
Sevinç,
H.
(ed.)
2024.
Current Research and Applications in International Economics.
Synopsis
After World War II, economic and political reforms were carried out by the needs of the global order. The UN and the UNSC were established to find solutions to tensions in the international arena. IMF and GATT were established for economic and trade regulations. However, these institutions, which were structured according to the conditions of the day, are insufficient to find solutions to global problems today. For example, the IMF was severely criticized for its policies during the Far East Asian financial crisis. Stiglitz's criticisms of the policies implemented by the IMF continue to this day. The GATT and later the WTO organized negotiations to promote global free trade but were criticized by nationalist movements. The UN has important responsibilities facing many problems such as rapidly escalating geopolitical tensions, climate change, wars, and epidemics. The UNSC, on the other hand, is unable to produce solutions for conflicts around the world and is the source of problems with its current structure. For this reason, international financial, economic, economic, and political organizations should produce fair, equal, inclusive, and sensitive solutions. Accordingly, this study analyses global, political, commercial, and economic-financial institutions and proposes reforms.