The past decades have seen rapid development in global institutions and simultaneous growth in international business. International institutions promote universal markets and improved the free flow of labor and goods across the globe, thus generating resources for the growth of markets and infrastructure, leading to further economic gains. The resources generated from the growing international business have also funded research, led to the development of high-quality goods, improved technology, and developed better customer service and other business operations strategies. International institutions have also played a significant role in promoting globalization which has enabled the free movement of labor, sharing of ideas, better labor specialization, and an improved social stature that supports trade development.
International institutions also deal with global issues that a single government cannot succeed in on its own. Such include global warming, global pandemics, fighting poverty, bad governance, and the violation of human rights around the world. Although such actions do not directly profit private organizations, they create an environment suitable for the growth of global trade and commerce (Cooper & John, 2012). International institutions such as the United Nations, UN have promoted global trade and commerce by helping governments protect human rights, establish political stability, and promote peace and security. Without their intervention, some states, especially third-world countries, would be unable to create an environment suitable for global trade on their own. Others, such as International Monetary Fund and World Bank, directly fund projects such as the construction of roads linking different countries, especially in developing countries. Such projects facilitate the growth of global trade and commerce.
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Reference
Cooper, R., John, A. (2012). Macroeconomics: Theory through Applications . Washington, DC: Saylor Foundation
