Key Players In Globalisation

  • Created by: Rachelezy
  • Created on: 30-01-20 18:56

Trade Blocs

Trade Blocs:

When countries have grouped together to promote free trade between them. An example of this is the European Union (EU)

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Intergovernmental Organisations

Intergovernmental Organisations

Organisations comprised of two or more countries working together. Examples of these include the EU and the UN (United Nations)

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The World Bank

The World Bank:

  • Formed to finance economic development
  • Uses bank deposits, placed by the world's wealthiest countries, to provide loans for the development of other countries (these countries must agree to certain conditions concerning repayment and economic growth)
  • Also focuses on natural disasters and humanitarian emergencies

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WTO - World Trade Organisation:

  • Believes in Free Trade without subsidies or tariffs (removing barriers - trade liberalisation)
  • Now has 162 member states (2016)
  • Both the WTO and World Bank were set up by the US to stop the spread of communism after WWII

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IMF - International Monetary Fund:

  • Lends money for development purposes
  • In return for loans, it tries to force countries to privatise government assets in order to increase the size of the private sector and generate wealth (many say that this has forced other countries to sell off their assets to wealthy TNC's)
  • Stabilises currencies in order to maintain economic growth (Involved in the Greek debt crisis in years after the 2008 financial crash)

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NAFTA - North American Free Trade Agreement:

  • An agreement signed by governments of Canada, Mexico, and the US, creating a trilateral trade bloc.
  • Formed January 1st, 1994
  • Seeks to eliminate non-tariff trade barriers and protect property rights
  • Largest trading bloc in the world

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OPEC - Organisation of the Petroleum Exporting Countries:

  • Representing 40% of global oil producers and influences oil prices
  • Includes 14 nations such as Indonesia and Iran
  • Ensures stabilisation of the oil market

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OECD - Organisation for Economic Co-operation and Development:

  • Global "think tank" of the world's 34 wealthiest countries
  • Promote policies which will improve the economic and social wellbeing of people around the world
  • It provides a forum in which governments can work together to share experiences and seek solutions to worldwide issues.

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G8 - Group Of Eight:

  • Between them represents 50% of global GDP
  • Meet annually to discuss development
  • Comprised of USA, Russia, Japan, Canada, France, Italy, Germany, and the UK

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  • Comprised of 19 countries and the EU
  • Formed in 1999 to bring together developed countries and developing economies to discuss key economic issues

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