What is Global Economic Governance?
The Global Economic Governance system not only limits but at times directs policy choice/options of policy makers especially in the developing world. It will come as no surprise then that policy makers and investors alike take a keen interest in this system when they design and implement investment attraction programmes such as special economic zone programmes or decide to investment in a country.
But what exactly is the Global Economic Governance system?
Global Economic Governance is the set of institutional arrangements and international agreements that principally emerged after the second World War to manage the global economy such as the IMF, WTO, World Bank, etc. Or as succinctly put by Professor Wesley Widmaier, “Global Economic Governance refers to efforts to organize, structure, and regulate economic interactions. In substantive terms, economic governance deals with a host of policy challenges, including the definition of basic property rights, efforts at monetary and fiscal cooperation, and concerns for the “macroprudential regulation” of financial markets.”
To find out more about Global Economic Governance and specifically its impact on SEZs please click below.
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