Global Governance : Is there a common understanding of this term?

Please discuss the meaning of global governance. Is there a common understanding of this term? Does it challenge the notion of sovereignty?
**Use Muldoon, Jr., James P. Aviel, JoAnn Fagot Reitano, Richard. The New Dynamics of Multilateralism. Boulder: Westview Press, 2010. as the primary reference.

SAMPLE SOLUTION

Global Governance

Global governance is a system that seeks to have a universal cooperation among various transnational states. The approach aims at addressing problems that affect more than one state or region. Global governance may be seen an outcome of neo-liberal paradigm shifts in global economic and political relations (Muldoon et al. 2010). The governance occurs in the perspective of globalization and globalizing various regimes of power: culturally, politically, and economically. There are various institutions that enforce compliance including the World Bank, United Nations, and International criminal court. Global governance can also mean the process through which setting of policies and regulations targets global scale affecting more than one country with equal measure. The primary concern for global governance is to have centralized societies, which make it easy to address common problems affecting the nations by creating easy to comply policies.  The centralization process is important because it simplifies the process of dealing with the international calamities such as security, food and agriculture problems, climate change, financial crisis, and technology (Muldoon et al. 2010). Global governance embraces diversified and conflicting interests from different states and their needs become…