Essay on Global Governance As A Required Strategy for Sustainable Globalisation

The twenty-first century is heading on to as a century of internationalism and globalisation in wadding through the Internet Age. It is seeking global governance as a required strategy for sustainable globalisation.

Trends towards growing ties of the institutions of international economic cooperation for strengthening of globalisation process is already set up in an active manner.

The involved and evolved policies of presents process of globalisation are based on the principle of ‘give and take’ rather than ‘aid or conceasions and compromise’ from one group to the other. Eventually, in the years to follow, the days of aid on conventional credit are numbered: and self reliance, self sustainability and independent economic strength would no longer be a matter of choice but of necessity for the economies to sustain in the globalised economic world.

So far much of the energies of most developing countries have been spent on seeking and managing aid. This consideration will have to be given up sooner or later either on their own account or under duress by the policy makers of the developing economy for its positioning in the global economy of the 21^s1 century.

Globalisation is a practical proposition that has been amply demonstrated by the progress made by many developed countries through their investment flows and business achievements of multinational. Unfortunately, the programme/prospects of globalisation on the world’s economic atlas that has been achieved/appeared is by no means even. The landscape of economic globalisation is highly skewed in favour of the matured industrial economies.

Globalisation is not merely a process of economic integration. Globalisation should not be perceived as something worthwhile; nor should it just mean an economic internationalisation in terms of GNP growth or capitalisation of companies and countries. It must embrace social equity devoid of the pomp and power of nation states. It should mean the establishment of world economic order that facilitates the well being of ordinary men and women wherever, they may be.

Globalisation is a generalised but specific problem of a process with certain recognisable distinguished characteristics. There is perhaps no definite or final point of arrival in this process. It is always on going. It should be firmly established with sustainability. No single factor contributes to the avenue of development and growth, which give sustainability in a developing economy under global economic order.

Just and Fair Global Economic Governance :

A good deal of soul-searching is required at this juncture towards the next steps in international economic cooperation to evolve a just globally welfare oriented world economy under the global governance in the years to follow.

Global economic issues have to be consolidated under some system of global governance. What is required is to improve the functioning of the existing international institutions rather than searching to constitute altogether a new one. Improvements should be made to make the existing order of global governance more effective and efficient by making the international institution more relevant to the changing situation.

Domination of some countries over the destinies of other can never ever be ruled out in the global arena. And, far this very reason a system in equity and participation is required for evolving just global governance in the emerging globalise world of the 21^s1 century. There is need to emphasise rules that should at least seek to govern all equally in just and fair manner in global economic behaviour.

A fair global economic governance permits freedom and flexibility with ethical caution and restraints for moral responsibilities to avoid or minimise undesirable repercussions across national boundaries.

In the emerging knowledge based era, knowledge is as important as organisations and institutions in devising effective and equitable global economic order. Establishment of a vast global civil society with humanitarian values is a pre-requisite for good global economic governance perusing the goals of equity and equality.

There is an urgent need to shift the focus of the self centred policy makers and national governments towards the vast and growing global civil society of the scientists and scholars, teachers and technicians, of bankers and businessmen, of philanthropists and philosophers, of opinion builders and action groups under the emerging dynamic situation of knowledge explosion of the new era.

Global Macro-economic Managers :

An eclectic mix of compatible fiscal and monetary policies interlinked with internal and external dimension needs to be evolved to keep money demands in line with the growth in global production in all countries.

Avoidance of inflation without unacceptable rates and the maintenance of external viability without constructionist premises in most developing countries have eluded so far but a few countries and their central banks. Centralising banking reforms and alignments to this end are required in the developing interest rate in the world of global pursuit.

The significance of realistic exchange rates and positive, interest rates in maintaining external, VICk internal stability and external viablity the policy in a true perspective must be understand.

On practical side, achieving globally coherent monetary and fiscal policy is not easy task for a developing country, as it is not always possible to counteract promptly all economic pressures emerging in the real economy such as, climatic variations, deterioration in terms of trade, breakdowns and so on.

A sound macro-economic management in the global set up is necessary to maintain a relatively stable and coordinated framework of appropriate economic policies by the developing countries.

The issue need to be discussed and guidelines may be provided by the WTO and UNCTAD on this account. Cohesion and stability in economic policies of the global players nations thus, not only reduces risks for investors, it also insures against the over confidence of hyper-active policy makers (Patel: 1998; p. 10).