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THE ROLE OF INTERNATIONAL INSTITUTIONS IN THE GLOBALIZATION OF THE WORLD ECONOMY
(The Kazakh National University Named After Al -Farabi and Suleyman Demirel University, 2008) Smirnova Elena
For the last several decades man, countries across the globe have established close contacts. Multinational ideas and cultures circulate more freely. As a result, laws, economies, and social movements are being formed at the interational level. According to capitalist economic theory, a completely liberalized global market is the most efficient way to foster growth, because each country specializes in producing the goods and services in which it has a comparative advantage. Yet, in practice, cutting trade barriers and opening markets do not necessarily generate development. Rich countries and large corporations dominate the global marketplace and create very unequal relations of power and information. As a result, trade is inherently unequal and poor countries seldom experience rising well-being but increasing unemployment, poverty, and income inequality.