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Economics Chapter 13: A Look at the Global Economy

Economics Chapter 13: A Look at the Global Economy
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Terms to Know:
Section 1: The Growth of the Global Economy
  • Globalism is a philosophy which regards the entire world as one giant community that should be unified politically and economically.
  • The United Nations is an international organization that would maintain international peace gained support among the Allied nations during World War II.
  • The General Assembly meets at least once a year to discuss international problems, and each member country, regardless of its size, has one vote.
  • The Security Council is a body which currently has five permanent and ten elected-member countries.
  • The duties of the Economic and Social Council are to study economic and social problems and to make recommendations to the General Assembly and UN specialized agencies.
  • The World Bank was first established at the end of World War II to lend money to Japan and the countries of Western Europe.
  • Today, the World Bank consists of two institutions: the International Bank for Reconstruction and Development (IBRD) which focuses on middle-income countries, and the International Development Association (IDA) which focuses on the world's poorest countries.
  • The International Monetary Fund (IMF) was created at the same time as the World Bank.
  • The World Trade Organization (WTO) is hailed as the only global body dealing with the trade rules that have been established among the world's countries.
  • The North American Free Trade Agreement (NAFTA) called for the elmination of tariffs and other trade restrictions that existed between the US, Canada, and Mexico to encourage free trade.
  • The euro is a multinational currency which was expected to quickly replace national currencies such as the German mark and the French franc and to facilitate freer trade within the EU.
Section 2: Global Issues in Perspective
  • National sovereignty is the exclusive power of an independent state to rule and regulate internal affairs without foreign interference.
  • The United States should work to obtain free trade in the traditional way - negotiating with one nation at a time.
  • Globalists say that the industrially advanced countries (IAC) have a moral obligation to provide financial aid to less developed countries (LDC).
  • Global warming is the belief that the general temperature of the earth and its oceans are being warmed due to pollution and greenhouses gases.
  • Kyoto Protocol required nations to buy allowances of "carbon credits" to decrease carbob dioxide and reduce greenhouse emissions.
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