anizations, including international non-governmental organizations (INGOs) and intergovernmental organizations (IGOs).
             Many scholars feel that the United Nations serves three distinct purposes, security against violence, economic security, and to promote human rights. It is the second purpose of the UN, economic security, which ties into regional and global economic organizations. The UNs economic security is, no doubt, a global and not a regional solution. It is the Bretton Woods institutions of the World Bank, International Monetary Fund (IMF), and the WTO along with the UN Development Program that the UN uses to rebuild economies and develop poor and underdeveloped countries. These institutions have been concerned with promoting economic interdependence, reducing poverty, and stimulating economic development. Because of these functions, these global institutions have underpinned economic interdependence and have become major advocates for the spread of free markets. The problem is that as the UN and these aforementioned organizations propagate free trade and globalization, many regions feel they are losing there autonomy and are looking towards more regional agreements, hence the move towards regionalism in the 1990s.
             There are two basic schools of thought in regards to the relationship between multilateral (globalization) and regional trading arrangements. According to Bhagwati and Panagariya, those who advocate the total reliance on the multilateral economic
             process express three main concerns against regional economics. These reasons are: First, regional agre
             ...