Regulating Global Commerce

Abstract

Over the last half-century, the number of countries in the world has increased from 106 in 1950 to 195 in 2018 and technology has driven increases in the speed of business, global connectivity, and complexity. In this environment, it is no wonder that regulatory systems are challenged. The World Trade Organization, World Bank, and the International Monetary Fund were created to establish a framework for economic cooperation and development with the central theme of creating a stable and prosperous global economy. The goals of these organizations remain the same, but their work is constantly changing. The technologically driven disruption in economic models, the emergence of developing economies, and changing financial systems present an evolutionary environment that requires challenging solutions. The question for consideration is, are the world’s regulators up to the challenge?