The necessity of developing an e-commerce global governance

Abstract

This paper emphasizes globalization as a process that inaugurated an intercontinental economy and promotes extensive cultural exchange that encourages dialogue among countries. Therefore, using this context of a globalized economy, this study delves into the analysis of global financial markets, whose prime objective is to distribute goods and services globally at lower social costs and with little environmental impacts. That said this study also contemplates the lack of regulation for these global and financial markets - a fault that most countries' made because of their indifference. Nevertheless, these markets do have a supranational reach and economic and financial power; moreover, they can dictate the rules of the world economy and subjugate poorer nations to unfair practices. In addition, e-commerce is a fundamental component of this process and has the potential to enhance conflicts that ignore territorial and geographical boundaries. Finally, this paper concludes that there should be globalized regulation of these interconnected markets and of e-commerce; however, they require the construction of a global governance ideal based on international cooperation, shared responsibilities, and the participation of nongovernmental international entities and organizations. This paper uses the hypothetical-deductive and the literature review methods.