Global Economic Governance: The Antithesis of Trade Liberalisation Paradigm in Africa and the Developing Countries

The increasing fragmentation of the global economy and politics, coupled with the profound and unpredictable diversity of our society, renders the idea of courteous and open-minded discourse seemingly unattainable. The centralised and uniform global economic governance orchestrated by pivotal entities like the International Monetary Fund (IMF), the World Trade Organisation (WTO), and the World Bank (WB) has had detrimental effects on emerging nations. This dynamic has facilitated the rise of nativist and populist leaders who promote mercantilist and protectionist policies, thereby eroding the foundational principles of a "liberal" international order. This trend is particularly evident in scenarios where globalisation has intensified economic inequality and poverty, as recent historical events demonstrate. International financial institutions frequently advocate for a uniform strategy in development, focusing on neoliberal economic policies like free trade, deregulation, and limited government involvement. These models have faced criticism for not aligning with the unique socio-economic realities of developing nations, which can sometimes result in stagnation or economic dependency. This paper will explore the origins of the global economic imbalance initiated by the Bretton Woods System and will critically examine whether any developments have occurred since that time to reduce global economic inequality. The assessment will determine if the ambitious initiatives proposed by the International Financial Institutions (IFI) aimed at enhancing living standards across nations have resulted in a transformative shift that influences the ongoing economic challenges faced by developing countries.