1. International Labour Organization (ILO) Introduction The International Labour Organization (ILO) is a specialized agency of the United Nations (UN) that deals with labour issues, employment rights, and social justice. It was established in 1919 as part of the Treaty of Versailles, making it one of the oldest international organizations still active today. The ILO…
Introduction In the era of globalization and interconnected economies, the smooth functioning of global finance and trade depends on cooperation among international institutions. Various organizations work to ensure economic stability, promote transparency, and strengthen financial systems across nations.Among these, the Organization for Economic Co-operation and Development (OECD), Bank for International Settlements (BIS), Financial Stability Board…
Introduction In the modern globalized world, international cooperation has become essential to address complex economic, political, and environmental challenges. Nations are interconnected through trade, finance, energy, and diplomacy. To promote stability, growth, and mutual understanding, several international organizations have emerged. Among these, the Group of Twenty (G20), Group of Eight (formerly G7), Organization of Petroleum…
Introduction The United Nations Conference on Trade and Development (UNCTAD) is a vital organ of the United Nations system established to promote the integration of developing countries into the world economy in a fair, balanced, and sustainable manner. Formed in 1964, UNCTAD has served as a permanent intergovernmental body focusing on issues of international trade,…
Introduction The International Monetary Fund (IMF) is one of the most significant global financial institutions established to ensure the stability of the international monetary system. Created in 1944 during the Bretton Woods Conference, the IMF was envisioned as a cooperative institution that would help maintain stable exchange rates, facilitate international trade, and promote global economic…
Introduction The end of the Second World War marked not only a turning point in political and military history but also in the evolution of the world’s economic system. The economic instability and depression that followed World War I had shown that uncoordinated monetary policies and trade rivalries could lead to global chaos. To avoid…
Introduction In the modern interconnected world, no nation can exist in isolation. The complexities of international relations—ranging from trade and security to health, environment, and human rights—necessitate cooperation among states. This cooperation is formalized through international organizations, which serve as platforms for dialogue, policy formulation, coordination, and dispute resolution among countries. International organizations have become…
Introduction In economics, the concept of perfect competition represents an ideal market structure where numerous firms operate freely, selling identical products, and where none possesses the power to influence the market price. Every firm under perfect competition is a price taker, not a price maker. This means that the firm has no control over the…
Introduction In the study of production economics, the Law of Increasing Returns plays a vital role in explaining how the productivity of a firm changes when the scale of production is increased. This law is a fundamental part of the broader Laws of Returns to Scale, which describe the relationship between input and output in…
Introduction In economics, the concept of elasticity of demand is one of the most fundamental tools for understanding consumer behavior and market dynamics. It measures how sensitive the quantity demanded of a good is to changes in various factors such as price, income, and the prices of related goods. This concept plays a crucial role…