Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

14 Cards in this Set

  • Front
  • Back
Bretton Woods
set up a system of rules, regulations, and procedures to regulate the international monetary system (economic system); established the International Bank for Reconstruction and Development and the IMF
World Bank
5 international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty; emerged from the Bretton Woods agreements; activities are focused on developed countries
World Trade Organization
international organization designed to supervise and liberalize international trade
International Monetary Fund (IMF)
oversees the global financial system by observing exchange rate and balance of payments, as well as financial and technical assistance
the control or governing influence of a nation over a dependent country, territory, or people
process that transforms the market from a unique, branded product into a market based on undifferentiated price competition: monopolistic competition to perfect competition
Comparative Advantage
explains why it can be beneficial for 2 parties to trade if one has a lower relative cost of producing some good
unitary process inclusive of many sub-processes that are increasingly binding people and the biosphere more tightly into one global system
Sustainable Growth
2 goals:
*meet current economic needs, while ensuring the preservation of the environment and the conservation of resources for future generations
-essential for the health of the planet in the future
Globalization: Pros

-promotes development through money flows
-promotes integration, whereas the Cold War was about division and opposition
-"Invisible Hand": allows consumers to determine price w/o government meddling
Globalization: Cons

-continually growing gap between rich and poor
-"Invisible Hand" doesn't account for ethical considerations
1999 Seattle WTO Conference

*emerged during 1999 protests at WTO conference in Seattle
-Destruction of native cultures
-Increasing poverty and suffering
-WTO seen as not democratic and not transparent
*Seattle protests led to rioting, known as Battle in Seattle
Who Protested the Antiglobalization Movement?
-upper middle-class Americans who felt guilty about their wealth/power
-the "Old Left": Socialists, anarchists,etc.
-coalition of environmentalists, trade activists, etc. (drowned out by other groups)
Results of Antiglobalization Movement
-many antiglobalists seen as extremists
-globalization now a central political issue
-debate continues...