Phase IFoundation
Background
Overview
This concept is central to understanding international relations, India's foreign policy, and economic development challenges. UPSC frequently examines issues related to global inequalities, sustainable development, the role of international bodies, and India's stance on these matters.
Global economic governance refers to the system of institutions, rules, and norms that regulate economic interactions among states and non-state actors, aiming to promote stability, growth, and equity in the world economy. Development aspects often focus on achieving inclusive and sustainable growth, particularly addressing the needs and challenges of developing countries, collectively known as the Global South.