by Rscott Stewart

Created on: May 20, 2008

An increasingly global economy is no surprise to anyone with an interest in economics or politics. What is debated is whether the current course of globalization can be referred to as a conspiracy.

There is overwhelming evidence of an orchestration toward a globalized banking system. This evidence includes actual texts of laws as well as private financial documents. However, such proof is highly irrelevant, as there is no debate as to whether the economy is cementing into a global unit. Especially when luminaries like James D. Wolfensohn, President of the World Bank, call for "globalization with a human face."

The questions may be, is such an economy desirable, and will the greater body of citizens in this system benefit and remain politically empowered?

An example of the situation would be the North American Free Trade Agreement. NAFTA was supposedly promoted to guarantee economic independence of the North American peoples. However, the NAFTA agreement has had certain unpublicized effects.

According to signed agreements, NAFTA has permanently and unilaterally subjected its three member nations, the U.S., Canada, and Mexico, to the World Bank in matters of disputed jurisprudence. This is according to the charter of its governing Secretariat, and according to the General Agreement on Trade and Tariffs (GATT), and according to the preamble of the NAFTA agreement.

This is a literal abdication of sovereign rights by the member nations.

What is World Bank and what role does the United Nations have in globalization of the economy?

The purse strings and policies of the World Bank are controlled by an entity called the "International Development Association." This Association is set in its "Articles of Agreement" above most laws of its member nations, answerable to none who is not a signatory, and is able to exert at its own discretion whatsoever rules its Governors deem prudent. These are important statements of its charter. While its donated resources are slim (5.1 billion US$ 1999) its portfolio is vast, spanning 795 operations, so that dividends contributed to a total 5.0 billion disbursement US$. And it has resources that extend its influence far beyond its immediate assets.

What is of greater significance is the political autonomy allowing it relative independence from the laws of member states and authority to make judgment against the citizens thereof.

The enormity of this power stems from the sponsors of the World Bank and the International Development Association.

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