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    Thuy Tien Nguyen
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    1. The global economic system involves many players including transnational corporations, non-profit organizations, nation states, and individuals. 2. The World Bank and International Monetary Fund were both created in 1944 to help rebuild Europe after WWII and ensure countries balance their budgets. They provide loans and programs to developing countries. 3. The World Trade Organization was created in 1995 and has 164 member countries. It works to mediate trade disputes and negotiate policies to encourage open trade among nations.

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    1. The global economic system involves many players including transnational corporations, non-profit organizations, nation states, and individuals. 2. The World Bank and International Monetary Fund were both created in 1944 to help rebuild Europe after WWII and ensure countries balance their budgets. They provide loans and programs to developing countries. 3. The World Trade Organization was created in 1995 and has 164 member countries. It works to mediate trade disputes and negotiate policies to encourage open trade among nations.

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    © All Rights Reserved
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    12 views3 pages

    Globalization 1

    Uploaded by

    Thuy Tien Nguyen
    1. The global economic system involves many players including transnational corporations, non-profit organizations, nation states, and individuals. 2. The World Bank and International Monetary Fund were both created in 1944 to help rebuild Europe after WWII and ensure countries balance their budgets. They provide loans and programs to developing countries. 3. The World Trade Organization was created in 1995 and has 164 member countries. It works to mediate trade disputes and negotiate policies to encourage open trade among nations.

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    of 3

    CHAP 3 : THE GLOBAL

    economic system
    1 THE Players in economic Globalization :

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    international economic ORG .


    : FOCUS on Different Topics .

    non -
    PROFIT ORG -

    operates WITHOUT intention OF making a Profit


    \
    \
    . .

    Operate around THE WORLD TO HELP PPL rise ABOVE Poverty .

    Have an important role in HELPING PPL in impoverished nations obtain a Better

    STANDARD OF Living access education GET HEALTH care


    , , .

    -
    Transnational corporations -
    Have MUCH power in THE GLOBAL economy .

    -
    nation States : representatives OF THE national Gov .
    THAT create Policies, Laws and international agreements .

    PEOPLE : purchase GOODS & services ,


    and keep THE system operating .

    2 .
    WORLD Bank :

    created in 1944 After WWII


    ,
    purpose : re BUILT Europe after WWII .

    A GLOBAL institution , consists OF 188 countries ,


    ALL Have VOTING RIGHTS .

    -
    # OF Votes a country receives is Dependent on HOW MUCH capital it Provides TO THE ORG .

    -
    THE mandate ( Purpose) is Development → Helping countries Develop socially ,
    economically , POLITICALLY .

    +7 end extreme Poverty within a Generation TO E 3% BY 2030 .

    +7 BOOST SHARED Prosperity → Promote Greater equity in Developing WORLD .

    -
    TOOL USED : structural ADJUSTMENT Programs ( SAPS ) -
    are controversial Because require countries TO FOLLOW :

    -17 Privatization OF state enterprises .

    -17 reduction in social SPENDING .

    Tax reforms 1 reduction .

    +7 Trade liberalization Ct Tariffs ) .

    -17 reduction OF FOOD SUBSIDIES .

    -17 Deregulation OF THE market ( t GOV .


    intervention ) .
    3. THE international Monetary FUND :

    -
    Was created at THE same Time as WB .

    -
    WAS DESIGNED TO ensure THAT countries met Their ''
    Balance OF PMTS
    "
    → Balance Their BUDGETS .

    -
    Has 188 Member countries .

    VOTING Power is BASED on


    ''
    VOTING Shares
    ''

    Offers Loans TO countries in need BUT USUALLY HIGH interest


    ; .

    4 .
    WORLD Trade organization ( WTO ) :

    -
    was created in 1995 To mediate Trade Disputes Between nations ; a Forum To negotiate Policies &

    Operate a system OF rules .

    -
    Has 164 member countries .

    -
    WTO encourages open trade among nations : Liberal Policies THAT ALLOW THE Unrestricted FLOW OF GOODS &

    services sharpen competition & Breed success .

    -
    Benefits OF an open TRADING system :

    -17 CUT LIVING COSTS T Living standards t) HELP countries DEVELOP


    ,
    .
    .

    -17 SETTLE Disputes & I Trade Tensions .


    +7 Give THE weak a stronger voice .

    t) environment
    +7 STIMULATE economic GROWTH & employment .
    SUPPORT & HEALTH .

    +7 CUT COSTS OF DOING Business internationally ,


    t) CONTRIBUTE TO Peace & stability .

    +I encourage GOOD Governance .


    -17 effective W/O HITTING THE Headlines .

    ACTUALLY Trade policies embraced BY WTO HAD t) effects ,


    especially on emerging economies .

    5. TRANSNATIONAL CORPORATIONS : Funpa mental part of economic system .

    -
    Offer G & S ,
    EMPLOY workers , pay Taxes BUILD infrastructures
    , ,
    . . .

    Have violated Human RIGHTS , Pay workers environment


    ''
    abuse workers Poverty wages
    ''
    -
    many Laroe Corps Pollute
    , ,
    . .

    6 . economic systems :

    refers TO THE way WHICH resources OF a country are USED TO PRODUCE GIS ,
    & THE manner WHICH

    THESE G & s are DISTRIBUTED For consumption .

    -
    economic IDEOLOGY : a perspective or Belief on HOW THE economy SHOULD Be structured .

    -
    4 main types OF economic system :
    7 . economic ideologies :

    -
    communism : THE Government owns THE means OF PRODUCTION & sets THE Prices OF GIS .

    -
    socialism : THE majority OF Gas is owned BY THE community ( or THE GOV ) .

    -
    capitalism : GIS Production is owned By privately .

    ④ new IDEOLOGY : neoliberalism -


    Based on capitalist system ,
    BUT it's a "
    revival " .

    → 10 Basic characteristics :

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