Both systems try to achieve same things. There isn't really better or worse as there are examples of both working rather well. It's more of a what's one used to.
Doesn't international mean "between nations"? It can be two or 20 or 199 nations, as long as it's more than one, it's international. Nothing to do with Euro-centrism. Likewise, NAFTA is an international organization, OPEC is...
Or my understanding of English failed me here, and the word international can only be used if it includes every single nation?
Depends on the organization, but most political and those that deal with the economy issue binding laws/regulations. Depending on the organization, usually the members themselves decide on that. But, nonetheless, all those organization require certain rules be implemented and/or followed.
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