Rich countries have disproportionate influence in setting the rules of international trade and finance and they do so in ways that serve their own economic interests. Jason Hickel argues in this Global Policy journal that this is particularly apparent in the World Bank and the International Monetary Fund (IMF), whose leaders are not elected, but nominated by the US and Europe respectively. Middle- and low-income countries, which together constitute 85 percent of the world’s population, have only a minority share. The imbalances in voting power explain why the two key global institutions have imposed neoliberal structural adjustment programmes across the global South for 40 years. These concerns have led to calls for a “double majority” system so that significant decisions will require not only shareholder majorities, but also member-state majorities. The author suggests that this would ensure that countries in the global South have a fair say in decisions that affect them, and the power to block harmful policies.
https://www.globalpolicyjournal.com/blog/05/01/2021/apartheid-global-governance-system />

Related Articles:

• Supporting the Global South in Tackling Climate Change: Where is the G20 heading?
• The ECB Strategy: The 2021 Review and its Future
• Multi-stakeholder Partnerships in the 2030 Agenda