The Liberal Values of Washington Consensuses Term Paper

The Liberal Values of Washington Consensuses - Term Paper Example The feature of neo-liberalism, in general, is to expand the market and desire to intensify, increase the frequency, number, formalization, and repeatability of transactions. The crucial goal of neo-liberalism is a universe wherein every action of every individual is a trade transaction, performed in competition with the other individual and influence every transaction, with the transactions that occur in the infinitely shorter time period and reiterate at an infinitely rapid rate (Neoliberalism: Origins, Theory, Definition 2005). Â   Â   Â   Â   As a result of the General Agreement on Tariffs and Trade (GATT) negotiations, the rise of the World Trade Organization (WTO) was established in the year 1995. It is central to the development of global governance. The concern of WTO is to build a world trade system into a predictable and uniform arena for the world nations and businesses. Streamlining the trade policies of the nation-states, reducing barriers to trade among nation-states and resolving trading disputes are the responsibilities of WTO. It plays a significant role in preserving intellectual patents, rights and so forth. Â   Â   Â   Â   The World Bank and International Monetary Fund (IMF) also play a significant role in global governance. The IMF tries to make the International economy more translucent by imposing rules and is a lender to the countries that are undergoing a financial crisis. The World Bank reduces poverty to balance or diminish social division that may counterbalance the global integration of economies. Â   Â   Â   Â   Â   Since, the commencement of Westphalian International System that is International state system established in 1648 by Peace of Westphalia treaty as a defining feature of policy with the state sovereignty, the state has played a significant role in the system. The ideological cover of neo-liberal (deemphasizing the traditional liberal doctrine to get development by practical methods is accomplished due to the growth of globalization. The role of the state in the International system has undergone a drastic change. The ideology of neo-liberal states that market by it is a very significant institution (Christensen, Karen & Levinson, David 2003).