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18 Cards in this Set
- Front
- Back
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What is GATT?
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General Agreement on Tariffs and Trade
*Begun in 1948 in order to achieve "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.“ *Succeeded by WTO in 1995 but basic rules still in effect *‘Rounds’ of talks are the mechanisms for decision-making |
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What is WTO?
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World Trade Organization
*Succeeds GATT in 1995, continues policies *Permanent structure with Tribunal to resolve disputes; now incudes services and intellectual property as well as goods *Only Syria and Serbia of GATT did not rejoin *157 members, Vanautu and Russia join 2012 |
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Who controls the world trade?
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Most world trade is North-North
System favors developed economies However, increasingly smaller and less- developed nations ‘win’ in Tribunal Speculation on trade (futures and derivatives) constrains government control |
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The Global Finance? And the Two UN Structures?
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Bretton Woods Conference 1944
The Two UN Structures: 1. The world Bank (International Bank for reconstruction and development IBRD) 2. International Monetary Fund (IMF) *Finance regulated mostly by non-state actors *There is no international Central Bank *Money is single biggest traded commodity |
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What is the World Bank?
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*188 Members
*Designed for capital development lending *Goal: reduction of poverty *By agreement, president is an American, Jim Yong Kim |
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What is the IMF?
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What issues are at stake for finance while trading?
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*Money – currency valuation and speculation
*Balance of trade/payments *Structural adjustment policies of World Bank and IMF *New International Economic Order? |
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What is poverty?
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A situation suffered by people who do not have the money to buy food and satisfy other basic material needs.
Exampled terms "3rd world" and "global south" |
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How the world responds to poverty?
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*Market ‘inefficiencies’ blamed by liberals
*Females and children most affected *Growing problem even in developed countries *Debt crisis for LDCs Structural adjustment programs *UN Millenium Goals, e.g. 0.7% GDP to aid |
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How poverty effects development?
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UN Millennium Development Goals for 2015
Poverty Education Gender equality Child mortality Maternal health HIV/AIDs and other diseases Environmental stability 0.7% of GDP from developed countries to aid *Debt relief |
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What does development mean?
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Developed and developing states have different views
Goals of development constantly shifting Economic – GDP per Capita; distribution Political – liberty, order, legitimacy Social/Cultural – equality, education |
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How to hep improve undevelopement?
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Traditional approach – give aid
Modern approach - address basic causes -but what are the ‘basic causes’? Holistic View – modernization lags Political – lack of freedom Cultural – traditionalist barriers Social – persistent inequality |
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What is the modernization theory?
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Social/cultural Impact
agrarian to urban urbanization essential city becomes the focus of new ideas science and technologies social mobility |
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What does modernization mean?
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Means moving from here.
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What are some of the development critiques?
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1. Traditional institutions difficult to change
2. Theory is Euro-centric 3. Current IPE favors developed states |
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What are some causes of hunger?
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Production – not yet a problem
Distribution – biggest single problem Wars – food supplies as a weapon Social inequities – poor tend to be more obese |
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Nauru case study?
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