21 terms

Global Systems- Financial Institutions


Terms in this set (...)

The condition of being mutually reliant on each other e.g.Globalisation of economies.
Global Systems
A socioeconomic system that encompasses part or all of the globe, such as the global financial system
Global governance (economic)
Such as other ECONOMIC groupings include the World Bank, IMF (and the World Trade Organisation (WTO) who try to organise and make trade free.
World Bank
An international organisation dedicated to providing financing, advice and research to developing nations to aid their economic development
International Monetary Fund, organization who oversee the world financial system and provides loans to countries in difficulty
World Trade Organisation who try to organise and make trade free, dealing with the rules of trade between nations.
Global governance (social)
Global organisations, including the United Nations, who have a huge role to play in organising the countries of the world to combat social & environmental issues such as Global Warming, tackle poverty through the UNDP, and ensure safety of people in conflicts through the use of the UN's peace keeping force
Bottom up
When local people are consulted and supported in making decisions to undertake projects or developments that meet one or more of their specific needs. The World Bank is now undertaking these types of projects.
Top down
When the decision to undertake projects or developments is made by a central authority such as government with little or no consultation with the local people whom it will affect. The World Bank used to undertake these types of projects.
Bilateral agreement
An agreement on trade (or aid) that is negotiated between two countries or two groups of countries.
Multilateral agreement
An agreement negotiated between more than two countries or groups of countries at the same time.
The number of members in WTO.
1 January 1995
WTO founded as the successor to the GATT. Last major negotiation in Doha in 2001 which created the Doha Development Agenda
Bretton Woods 1945
when World Bank and IMF were founded
Number of member countries in both the IMF and World Bank
United States
Country with the most voting power in both the IMF and World Bank
New York
Headquarters of both IMF and World Bank located here
Headquarters of WTO found here
Uruguay Round
Set of WTO talks between 1986 and 1994 that reduced trade barriers on manufacturing goods.
Doha Development Agenda
WTO talks from 2001 designed to reform trade for farm products
Bali Package
A series of decisions from WTO in 2013 aimed at streamlining trade, allowing developing countries more options for providing food security, boosting least-developed countries' trade and helping development more generally.