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Disadvantages Of Global Governance

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Globalisation on the other hand has led to integration and interdependencies among nations. This has brought about benefits and risks. The risks are sometimes pervasive hence systemic, as in the financial crisis of 2007/8. At such times, there is a yearning for a unity of command and purpose, which has led some to clamour for a replication of nation-state political leadership at a global level. The presence of institutions such as the United Nations, World Bank, International Monetary Fund, and World Trade Organisation etc. is a response to such clamour.

The financial crisis can be described as a systemic failure that began due to the absence of a global rule-making authority to oversee global private financial institutions and processes (Goldin, and Vogel, 2010).
We argue in this paper that the workings and modalities of the global institutions are primarily tailored towards protecting the interests of the westphalian (especially USA). We extend our argument further to state that countries in Sub-Saharan Africa are being re-colonised through the activities of institutions such as IMF, World Bank, WTO etc.

These institutions face the challenges of legitimacy, accountability, effectiveness, and efficiency. In their present state, they have failed the developing and emerging markets, but have a window of opportunity to reclaim relevance through appropriate reforms.

1.1 Definition of Global Governance
The Commission on Global Governance defined global governance as, "the

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