Role of the World Bank, IMF and WTO in the Acceleration of Globalization

WTO, IMF, and World Bank
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Globalization has become inevitable as the world progresses on many fronts, including politically, economically, and in terms of trade. The growth has seen world trading partnerships increase in the last decades, becoming a crucial factor for the progress of globalization as nations trade their materials and products. This has necessitated the creation of institutions that impose regulations on different policies to avoid trade imbalances, combat protectionist policies, deal with payment issues, and generally create a global environment that favors sustainable economic growth on a global scale (Abuseridze, 2021). This is meant to balance the expansion of international trade to create a fair global market. Therefore, it is essential to comprehend the roles played by the World Bank, the IMF, and WTO in accelerating globalization.
The International Monetary Fund, the World Bank, and World Trade Organization are international, multilateral organizations created to serve as the framework for the world trading environment. These organizations cooperate in market growth, control and regulation areas, including the liberalization of international trade and financial cooperation (Abuseridze, 2021). These institutions are responsible for ensuring fairness in policy areas such as finance, macroeconomic issues, and development policies. They mainly ensure a coherent set of regulations and support of trade and payment agreements. The mentioned aspects are critical in enhancing globalization.
The existence of previous economic breakdowns in the world has necessitated the creation of mediation and control systems to protect, preserve, and liberate world trade. These institutions have brought in a new era of economic cooperation at a global level when working together (Auboin, 2007). Their existence has also been a response to people's desire to be represented by a fair multilateral operating platform with adequate freedom as the world continues to become an effici...