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14 Cards in this Set
- Front
- Back
Bretton Woods
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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
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World Bank
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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
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World Trade Organization
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international organization designed to supervise and liberalize international trade
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International Monetary Fund (IMF)
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oversees the global financial system by observing exchange rate and balance of payments, as well as financial and technical assistance
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Colonialism/Imperialism
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the control or governing influence of a nation over a dependent country, territory, or people
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Commodification
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process that transforms the market from a unique, branded product into a market based on undifferentiated price competition: monopolistic competition to perfect competition
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Comparative Advantage
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explains why it can be beneficial for 2 parties to trade if one has a lower relative cost of producing some good
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Globalization
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unitary process inclusive of many sub-processes that are increasingly binding people and the biosphere more tightly into one global system
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Sustainable Growth
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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 |
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Globalization: Pros
*I.D.* |
-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 |
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Globalization: Cons
*I.D.* |
-continually growing gap between rich and poor
-"Invisible Hand" doesn't account for ethical considerations |
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1999 Seattle WTO Conference
*I.D.* |
*emerged during 1999 protests at WTO conference in Seattle
*Why? -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 |
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Who Protested the Antiglobalization Movement?
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-upper middle-class Americans who felt guilty about their wealth/power
-the "Old Left": Socialists, anarchists,etc. -Anti-Americans -coalition of environmentalists, trade activists, etc. (drowned out by other groups) |
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Results of Antiglobalization Movement
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-many antiglobalists seen as extremists
-globalization now a central political issue -debate continues... |