Who rules the world???


The world is constituted of around 7 billion people, their activities and the environment around them. They all belong to different traditions, different cultures and different affiliations. We can not assume that each one of us think on the same line, be equally motivated, and be self-ruled and self-governed. Few people are entrusted to facilitate the affairs of the world be it government or business affairs.
These individuals get their legitimacy to take decisions on behalf of the greater number of people on the basis on set procedures and rules. This body of rules and procedures is called an institution. Various institution mechanism give them powers to take decisions, to act on them and to be accountable for them. Degree of accountability might vary based on the soundness of the institutional mechanism put up. It is also possible that the leader can dominate the decision making but this discretion can be curtailed by way of putting better mechanisms. For example, the president of USA can be powerful and dominant persona but he can not act on his whims and fancies without the approval of senate. And senate is also accountable to people as well as liable for judicial review by the Federal court.
Also, we see that even absolute dictators and military rulers try to get the power and legitimacy through putting up institutional mechanism. Be it National Defence Council led by Kim Jong-il of North Korea or be it General Pervez Mushraf of Pakistan.
In business organizations also, CEO or the chairman is accountable to the body of directors. And in turn get legitimacy from the shareholders. They are also accountable to the government regulations and rule of Law.
Building institution is a continuous process and it keeps on improving based on the feedback and experiences. Like, after global financial meltdown USA has passed Financial Liability Act f 2009 which ensures better regulation and credit rating of financial institution. Now, when it is regulated by a statute, no individual can influence discriminately.
So we can fairly conclude from above arguments that though few individuals are dominating the decision making in the world today, we can curb their discretion through putting up better and stronger institutional mechanisms.

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