• Chevan

Organisations and their field of performance

Throughout history, the world has changed. From prehistoric periods to the present, people and countries have progressed, as seen by the dramatic contrast between cultures and civilizations then and today.

Integration is one way in how we have progressed as a species. Integration is defined as the coming together of many parties or entities to form a whole to achieve a shared objective or set of goals. Global collaboration enabled the creation of the International Monetary Fund, the World Bank, the World Trade Organization, and the World Health Organization. Each of these institutions has distinct responsibilities and purposes, while some, such as the International Monetary Fund and the World Bank, are similar. Regardless, we will go deep into each organisation to see what makes them unique, as well as their significance and effect.

According to the organization's website, the International Monetary Fund (IMF) is an international organization comprised of 189 countries that work together to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

As is clear, the IMF strives to provide financial assistance to countries all over the world through policies and financial programs that strengthen member countries’ economies. It was founded on December 27th, 1954, and has since evolved to become a vital pillar of support for several countries across the world, especially those that are “developing” and/or are regularly victims of natural catastrophes or tragedies that wreak havoc on economies. The IMF is supported by its member nations and is led by a diverse executive board made up of people from all around the world.

It is easy to lose sight of the distinction between the IMF and the World Bank's roles. The World Bank, like the IMF, was founded in July 1944 to give funding, guidance, and research to poor countries to help them grow economically. The primary distinction between these two institutions is that the World Bank focuses on nations classified as "developing." These are countries with economies that are far more vulnerable to economic shocks, recessions, and depressions than “developed” ones.

The World Bank's focus on low- and middle-income nations contributes to the elimination of equity and resource imbalances across countries around the world. The International Bank for Reconstruction and Development (IBRD) and the International Development Association are two entities that help the organization fulfil its mission. Each institution focuses on roles under the World Bank’s portfolio.

It should come as no surprise that, today, commerce is performed on a worldwide scale among all countries of the globe, that a global body that controls and monitors it exists. The World Commerce Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between states. It was founded on January 1, 1995. Governments utilize the organization's recommendations to develop, update, and enforce the rules that regulate international commerce. Its primary goal is to keep commerce flowing as smoothly, reliably, and freely as possible. While the IMF is involved in international commerce, its position and impact are not as significant as the WTO's.

Their contributions have been recognized the most out of all the international organizations throughout this worldwide pandemic. The World Health Organization (WHO) is a United Nations organization in charge of international public health. Through their research, guidelines, regulations, and resources, they have played an important role in the ongoing worldwide fight against pandemics. It was founded on April 7th, 1948, and stands today as an organization that has aided mankind tremendously in dealing with infectious and deadly diseases throughout the decades.

All these organizations are examples of how much we as a species have accomplished via global collaboration and integration.