Global Governance in the 21st Century Essay Example | Topics and Well Written Essays - 2500 words

Global Governance in the 21st Century - Essay Example However, defense spending as percentage of the federal budget was high: 17.53% in 1940, 47.15% in 1941, 73.06% in 1942, 69.18% in 1943, 86.68% in 1944, and 89.49% in 1945 (Tassava, 2010). In contrast, inflation in America during the war was not too high: annual rate of 3.5% from April 1942 to June 1946, annual rate of 10.3 percent in six months prior to April 1942, and annually rate of 28% six months prior to June 1946 (Tassava, 2010). In addition, according to Tassava (2010), American wages rose by 65 percent during the war and this indicated that â€Å"many American civilians enjoyed a stable or even improving quality of life.† Yet, the period from the end of World War II to the current century has been associated with a decline in British power also known as the â€Å"British decline† (Reynolds, 2002, p. 215). Axis power (Japan, Germany, and Italy) adventurism and expansionism made the idea of the United Nations appealing to many of the world’s countries in th e mid-20th century. The combination of economic power and moral ascendancy in the fight against the axis powers gave America the influence and capability to support the organization of the United Nations, the International Monetary Fund, and the World Bank. In 1947, President Harry Truman made a declaration known as the Truman doctrine in which America â€Å"pledge to assist virtually any government threatened by communists† (Higgs, 2005, p. 3). The US has taken several initiatives worldwide. â€Å"To secure the U.S. position in Europe,† America devised Marshall Plan and â€Å"entered the North Atlantic Treaty Organization (NATO) in 1949† (Higgs, 2005, p. 3). During the 1950s, the U.S. intervened in the Korean War and has... This essay analyzes the subject of Global governance in the 21st century and also describes the United States during the early 20th and mid-20th century, when America managed to overcome her setbacks during the great depression by significant nominal gross domestic product growths. The researcher also discusses the relevance of World War II to America’s rise to global leadership in 1945 and US interest and role in creating the institutional and ideological foundations of the post-World War II international system. Finally, the researcher also assess the validity of the criticisms leveled against the IMF with reference to policy prescriptions for Third World countries. With reference to key economic indicator for any third world country of your choice, the researcher aims to illustrate the difference between the traditional economic notion of development (i.e., economic growth) and human development. In addition, the researcher also aims to discuss four factors, which militate against human development and economic well-being of the people in Philippine country. This essay also suggests several reforms, that were necessary to make multilateral institutions such the IMF and WTO more responsive to the interest of third world countries in human development in the global south. In conclusion, it is clear that not only are the problems of development cutting across several dimensions but the roots of underdevelopment can also be multi-dimensional or not limited to economic variables.