While looking at the component of political globalisation, diverse views and opinions have come under observation. According to the perspective of globalists, globalisation corrodes the dominance of the nations. In addition, these people also believe that the nations lose their supremacy over the financial markets, which comes under control on a global platform. The globalisation has shifted the dominance to the global marketplace and universal corporations. Due to this, the multinational corporations (MNC) capture the investment decisions, instead of the local enterprises (Rupert & Solomon, 2006, pp. 25-35).
Indeed, the globalisation has shifted the governance of the nations to the global institutions in general. United Nations (UN), World Bank, World Trade Organization (WHO), and International Monetary Fund (IMF) are few of the examples of the new level of governance that is the consequence of the globalisation. The masses has witnessed evolution and rise of the global governance from the decade of 1940 with the prime motive to provide assistance to modernize the post-colonial nations and to help and support the economies frayed due to wars (Rupert & Solomon, 2006, pp. 25-35).
Considering the example of the International Monetary Fund, IMF is one of the financial organisations that administers and govern the matters related to the financial system on a worldwide raised area. This institution came into existence with the primary intention to protect the financial sector of the world economy. After the commencement of this institution, the economies of the world came under a universal platform that focused on the financial securities of the entire globe as a solitary factor. IMF also laid key emphasis on the trading of national assets, removal of trade barriers and produce free trade economies, cutback in the public spending funds and various others. Likewise, the World Trade Organization (WTO) is one the organisation