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  • Policies of the World Bank and the United Nations Economic and Social Council as a Link in Fostering Economic Cooperation between Developing and Developed Countries

Policies of the World Bank and the United Nations Economic and Social Council as a Link in Fostering Economic Cooperation between Developing and Developed Countries

Student: Vostrikova Anna

Supervisor: Vladimir N. Zuev

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Double degree programme in International Relations of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2020

“Globalization has seen the development of international bodies to try to deal with all the increased interconnectedness” (Willcocks, 2018). In the modern world, exist various organizations that generate economic development and maintain stable relations between developing and developed countries. The most striking examples are the World Bank and the United Nations Economic and Social Council. The first financial institution provides economic development by making loans to countries in need, so they will be able to improve infrastructure, increase people’s incomes, and increase their economic growth. The Council is responsible for giving recommendations and providing a place for the inter-state dialogue. These international organizations influence and sometimes decide the fate of businesses and communities wishing to collaborate with other countries. International development has two fundamental incentives: firstly, “to increase the standard of living of the people in poor countries, the vast majority of whose forebears were the subjects of colonialism.” Secondly, “securing commercial gains for donor-country firms through procurement contracts and access to resources and markets” (Willcocks, 2018). There are specific measures that are widely used in terms of international development, such as the provision of resources, financial support, technical assistance, and “other forms of intellectual engagement and persuasion.” Every organization implements such measures in a specific way, so this process depends on the structure and the fundamental strategy of an international body itself. For example, some organizations tend to support and provide aid to countries by giving loans and other financial operations. In contrast, other organizations are responsible for providing recommendations and implementing problem-solving mechanisms. It may be seen in all sorts of advice on how to solve this or that problem, or how to establish and then maintain stable and mutually-beneficial relations with other countries, etc. Taking into account the fact that developed countries at the expense of developing countries produce more, spend less and earn more, it is an urgent need to stop going on the occasion and provide such low requirements for production in the countries of the third world. For example, in terms of international economic cooperation, some developing countries suffer from the absence of governmental jurisdiction or from weak fiscal policies, which impede the progress of national development and general state development. Political, social, and economic problems, including poverty as the biggest concern for the whole population of developing countries, have increased. That is why the need in international organizations, which will be able to organize, support, and foster the inter-state relations, is growing. The United Nations places more emphasis on the notion of cooperation, connecting various countries by the dialogue inside its numerous organs. At the same time, the World Bank Group is responsible for the financial aspect. In the circumstances of an open discussion, which are provided by the United Nations Economic and Social Council and its forums, and with the financial support of the World Bank, it is easier for every country to find a stable and economically suitable partner for the establishment of long-term economic cooperation. However, in the conditions of a highly globalized modern world, countries have to have some exclusive advantages that could be offered to each other to establish stable, mutually beneficial relations. This process is in stagnation because the number of valuable goods and services is decreasing. Nowadays, rare mineral resources and technological innovations are the biggest concern of developed countries. If a developing country would offer such benefits to developed countries, the probability of successful future cooperation is skyrocketing. Taking into account the growing supply, the problem that arises here is that lower labor costs and weak government regulations are no longer an exclusive aspect that can attract foreign investors or donors. The majority of the countries can cooperate on such terms, but just a few of them can offer such limited advantages. Moreover, after the detailed study of the policies, it could become more comfortable to differentiate the development progress between countries and point out an urgent need in this or that kind of support from one or both of the mentioned organizations.

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