the international institutions that govern the global economy are deeply anti-democratic, and tilted heavily in favour of rich nations. At the World Bank and the IMF, the United States holds veto power over all major decisions, and high-income countries control the majority of the vote. In the World Trade Organization, bargaining power depends largely on GDP, so the countries that grew rich during the colonial period get to determine the rules of international trade. Democratising these institutions would ensure that global South countries have a real say in the decisions that affect them, and
...more