UN General Assembly
2000

officers. The relationship between States and the private sector has altered dramatically over time. States were once thought of as bulwarks against harmful economic impact from abroad. Economic weight was viewed as a trump card in the power play among nations. Today, States are increasingly serving as instruments for adjusting domestic policy to the realities of the present-day world economy. They have become intermediaries between the world economy, with its own structure of power, and domestic societies. This brings up the question of where world affairs are being conducted and how they have caused a shift in the style of diplomacy. Economic globalization has shifted the focus of attention to forums other than the United Nations here in New York, notably to the International Monetary Fund, the World Bank, the World Trade Organization and, on a regional level, the European Union. Policies are tested in the margins of the World Economic Forum in Davos or decided elsewhere. Brussels has become a hub of world affairs. That focus has brought on a different cast of players