Globalization is a historical process, as it traces back to the 14^th century during the origins of civilization. The post-World War II rise of globalization coincided with the post-war roles of these institutions, by forcing them to reform their roles in order to make them relevant to the changing global economic environment. These institutions had a variety of strengths and weaknesses in steering globalization from the period 1945-2006 and our study has revealed that their strengths have outweighed their weaknesses, and they have also fairly steered the process of globalization.