Cr itiq u e o f

Bre tt o n W oo ds
Sy s tem
Most effective critics of the
Bretton Woods System era
organizations is the noted economist
Joseph E. Stiglitz.

JOSEPH E. STIGLITZ
JOSEPH E. STIGLITZ

Joseph Eugene Stiglitz

American New Keynesian economist,
Born on February 9, 1943
 For Stiglitz, globalization is defined as “the removal of
barriers to free trade and the closer integration of
national economies.”

He said that economic globalization can be a positive force

and can enrich everyone in the world including the poor.
However, he said that this has not been the case because
of the way globalization is being handled
 Other Economic
Organization

Organization for
Economic Cooperation
and Development
Organization of
European Union
Southern Common Petroleum Exporting
North American Free
Market Countries
Trade Agreement
 ORGANIZATION FOR
ECONOMIC COOPERATION
AND DEVELOPMENT

an international organization that

was established in 1961. Its mission is
to promote economic growth,
prosperity, and sustainable
development among its member
countries and beyond.
is a product of post -WW II era, as well as
the Bretton Woods Era, and now
encompasses 27 member states. It is the
largest domestic market in the developed
world (soon to be surpassed by China), with
over 500 million citizens.

EUROPEAN UNION (EU)

 NORTH AMERICAN FREE
TRADE AGREEMENT

came into effect on January 1, 1994. It

was based on the idea that the U.S.,
Canada, and Mexico were to eliminate
most barriers to trade and investment
over the ensuing 15 years.

WARNER & SPENCER MARCH 2023

MERCOSUR

sometimes called as Southern Common Market, was created by

the Treaty of Asuncion 1991 with the goal of a common market
in South America in 1995.
 CONCLUSION
was formed in 1960 and included the major oil
exporters – Iran, Iraq, Kuwait, Saudi Arabia,
and Venezuela (there are now 11 members:
Indonesia, Algeria, Libya, Nigeria, Qatar, and the
United Arab Emirates have been added.
Organization of Petroleum Exporting
Countries (OPEC)
 LET'S CREATE

WARNER & SPENCER MARCH 2023