Morality in the Marketplace. The role of the IMF and the WB is of paramount.

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Morality in the Marketplace. The role of the IMF and the WB is of paramount.

“Think globally, act locally” is one of the most famous slogans that has been extensively used in a variety of contexts, including environmental sustainability and protection, education, pandemics, terrorism, and many other spheres. This phrase may be used in the contexts of minimum and living wage. In other words, this slogan should be applied to the struggle against minimum and living wage because it will ensure a chance to meet not only the basic needs but to earn a decent living. In addition, the phrase that encourages people to think globally, while acting locally, should be used in equal allocation and distribution of the commons. In other words, a variety of essential cultural and natural resources should be equally accessible to all members of society, despite their race, ethnicity, language, social status, and other determinants. “Thinking globally and acting locally” should be applied in the context of the common virtue with the primary purpose to contribute to welfare of all residents regardless of their race, religion, language, or place of residence. Finally, the slogan “think globally act locally” should be considered while signing community benefits agreements in order to contribute to inclusiveness, enforceability, and, finally, accountability. For example, in case this slogan is considered in the context of community, benefits agreements would ensure an excellent opportunity to meet various needs

The role of the IMF and the WB is of paramount importance as these international institutions that operate in thousands of countries share similar goals and are primarily purposed to raise living standards of people in different corners of the globe. Both institutions boost economic cooperation, growth, and development in order to create more stable, diversified, and prosperous global economies. The IMF and the World Bank provide effective policy and financial assistance to countries that are in extreme recession and experience poverty. The impact of policies of the IMB and the WB on long-term debt of third world countries is an ambiguous and controversial issue. The critics of these institutions claim that the IMF and the WB should be viewed as heartless, irresponsible, and dishonest moneylenders who dictate disadvantageous policies and terms to countries of the third world that continue to plunge into terrible poverty. In addition, most loans provided by the IMF and the WB are not enough, which makes the countries of the third world distressed, ill-equipped, and not ready to develop and undertake comprehensive and regulatory reforms in order to alleviate poverty and recover from stagnation. However, proponents of policies adopted by the IMF and the WB state that these institutions have a positive impact on the third world countries as all projects financed by them are designed and developed in tight collaboration with governments of these countries on national and local levels. Thus, despite loans provided by the IMF and the World Bank are given under numerous conditions, they ensure a chance to recover, eliminate poverty, stabilize economics, and contribute to prolonged economic growth and development.

Despite there is no single formula that contributes to successful integration and expansion of businesses on a global level, excellent companies enrich accelerated globalization of world’s economies, while contributing to peace and security. Sanyo, Fischer, and Hewlett Packard are bright examples of responsible and distinguished companies that focus on promoting peace, security, and welfare. According to the information provided at the official website of Sanyo Electronic Co., Ltd., this company pursues effective eco-friendly policies and fosters “green revolution” in order to ensure a chance to future generations to leave peacefully and healthy. This international company promotes the idea that comfortable coexistence with neighboring countries, focus on global safety, and, finally, compliance with laws are core features that ensure an opportunity to companies to win international markets, while not putting at risk health and welfare of societies. Fisher-Price, a giant toy store, also promotes peace and security on a global level. According to the estimations of leadership of this company, fostering peace and welfare should remain a priority for all organizations and corporations because businesses will fail to operate successfully in high-risk environments. Finally, all three companies, including Sanyo, Fisher Price, and Hewlett Packard, have developed effective risk management strategies in order to maximize efficiency, promote peace, eliminate conflicting situations, and contribute to livelihoods of communities in vulnerable regions.

Frame of reference of the global minority and global majority differs drastically as the term “minority” is usually associated with the feelings of weakness and powerlessness, while “the global majority” means that members of this group have sufficient power to make decisions. I, as a member of the global minority, view the world in a positive way compared to the global majority that faces numerous problems, especially poverty, inequality, discrimination, and inability to cope with these “chronic diseases”. Moreover, my frame of reference as a member of a global minority drastically differs from the frame of reference typical to the poor. It is caused by the fact that the global minority perceives and understands the world as a place where people have an opportunity to overcome all problems by taking immediate actions. As a result, it helps them cope with challenges, avoid viewing wealth as a privilege, always dream of the promising and successful future, and pursue certain desires and dreams. Thus, members of the global majority perceive the world differently compared to minority populations as they view their life as an endless and relentless struggle with poverty, ineffective education, limited access to healthcare services, extremely low wages, absence of retirement benefits, epidemics, and many other global problems.