The notion of ‘global village’ –ubiquitous yet rather ambiguous – arguably encapsulates and promotes (in your view, not according to the common definition - see below) people’s common desire for a peaceful and cooperative world in which misunderstanding and hatred is a thing of the past.

Realising this utopian goal would require, some believe, a universal language - although I would beg to differ -  such a lingua franca would serve to reduce the clash of cultures between people of different countries and promote improved understanding and cooperation.  The simplistic appeal of this argument belies a number of contradictions and is not borne out by modern history e.g., civil wars are fought between speakers of the same language. Equally, there is little evidence that the assumed benefits of a common language would outweigh the differences in people’s culture, faith or life experiences. Indeed, there is much evidence to suggest that cooperation can be achieved regardless of linguistic differences – as evidenced by recent international cooperative activities (military, economic etc.) and organisations such as the UN, ASEAN and the EU.

The common myth that a common language learnt and spoken by all (you do not specify what, according to this ‘myth’, a common language is supposed to achieve in this paragraph – are we to assume the myth is that it promotes peace etc?)

(the aim of) Establishing a lingua franca seems largely impractical given the fact that great swathes of the earth are inhabited by famished, impoverished people unable to sustain themselves, let alone invest the time or resources in foreign language tuition or courses. Imposing a foreign language upon others – as was the practice in the Soviet Union – hardly seems moral and proved unsuccessful on numerous occasions in replacing indigenous languages.

While global cooperation and harmony as indubitably vital to counties’ development and their citizens’ well-being (well off = wealthy/financially comfortable) – a role which admittedly English has played no small part in facilitating – establishing a lingua franca is far from being a panacea to the world’s ills.

* panacea - a solution or remedy for all difficulties or diseases

** Global village has entered into common usage so is no longer a catchword per se i.e., a word or phrase made temporarily popular, and rather refers to ‘the whole world considered as being closely connected by modern telecommunications and as being interdependent economically, socially, and politically’ than merely a movement supporting  a ‘peaceful and cooperative world’ as you put it.