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11 Cards in this Set
- Front
- Back
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What is economic globalization? |
The spread of trade, transportation, and communication systems around the world in the interests or promoting worldwide commerce.
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What are reparations? |
Reparations are payments for war damages the losing side has to make. Payment can be in forms of money or land. |
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What is communism? |
A political theory advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. made to get rid of class distinctions. |
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What is an economic depression? |
A period of low economic activity accompanied by high levels of unemployment. (The Great Depression). |
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What was the purpose of the Bretton Woods Conference? |
The conference was to to regulate the international monetary and financial order after the conclusion of World War II. They were also trying to figure out how they could prevent the kind of economic turmoil that could lead to another world war. |
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What agreement was made at the Bretton Woods Conference? |
GATT - General Agreement on Tariffs and Trade. GATT members agreed to eliminate tariffs and other trade barriers between themselves. |
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Who was Keynes? Full name + occupation. |
John Maynard Keynes - economist. |
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What did Keynes suggest the role of government in the economy should be? |
The government should be more involved in the economy. For example, that when a business laid off workers because there was no market for its goods or services (as had happened during the Great Depression) governments should create programs to hire the unemployed. |
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Who was Hayek? Full name + occupation. |
Friedrich Hayek - economist |
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What did Hayek suggest the role of the government in the economy should be? |
He believed a government should protect the market by ensuring that its rules and laws do not interfere with competition between businesses. He believed that competition and the market would keep an economy healthy, and that government should stay out of the way. |
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What 2 organizations were mapped out at the Bretton Woods Conference? |
The World Bank — also called the International Bank for Reconstructionand Development IMF — the International Monetary Fund |
