The Theory And On International Institutions - 1888 Words

In our era of globalisation, the global economy between nations is growing ever so interconnected with one another. While this increases opportunities and prospects for economic growth especially for the developing nations which need to bridge the gap between the wealthy and the poor that only seems to keep growing. The reality of this situation is that there have been debates and theories on how to govern the global economy which ranging from hegemonic stability theory and Neo-Gramscian hegemony, to address the issue of how to handle the inequality concerns, and unfairness between developed and developing nations as both of these theories have different approaches to the problem. The focal point of this essay will be on the†¦show more content†¦In order to do so, the essay will give a brief overview the needs for international institutions and on the concept and approaches to global justice, along with weighing and examining the two approaches per the WTO’s efforts i n either before coming into a conclusion on which approach would be easier to achieve. The conclusion of this essay will also address the question of whether it is possible for international institutes to be ‘just’. First and foremost, this essay will look into the need for international institutions in global governance. As aforementioned before, there is an imbalance of power between developed and developing nations, and even more so with countries that are so influential that they are dubbed the ‘superpowers’. In order to ensure there is no abuse of power, international institutes put forth guidelines and rules for superpowers to follow as even the United States—as the unchallenged superpower—cannot afford the costs of arm-twisting other nations (Keohane 1998, p. 82). Other than being an institution for international rule-making, ideally, it also provides a forum for the voice of developing countries to be heard. The increase of postcolonial nations had helped turn the General Assembly in United Nations Security Council into a forum for the North-South conflict in the 1960s, and it had ensured that the resolutions to the assembly would be viewed as hostile and detri mental to their interests and values