3.2.1.2 Global Systems Flashcards
What are most global systems supported by?
International political organisations which have been established to provided stability or consensus across nations
What has concerns about the global environment led to?
More international summits
The establishment of support structures like the IPCC
What does the IPCC stand for?
Intergovernmental Panel on Climate Change
What does support structures/organisations help do?
Improve co-operation
Stability
Development
Who are the support organisations usually led by?
The more powerful nations with vested interests
What disadvantages are there to powerful nations providing these support organisations?
Increased inequality, conflict and injustice because LEDCs are limited to how they are able to respond
Which institutions support the structure of the world’s economic and financial order?
The international monetary fund (IMF)
The World Bank
How do the IMF and world bank support global finance and economy?
By regulating and acting upon the flow of international capital
Giving loans to LDCs
When and why were the IMF and World Bank formed?
After WW2
To steady the global economy and provide financial stability
What does the IMF act as?
The regulator of financial flows and stabiliser of the system
What does the World Bank act as?
The provider of support for less developed countries and aims to reduce poverty
What is the World Trade Organisation?
The global institution that is responsibal for international trade
What are the roles of the WTO?
To supervise/liberalise trade
Sort trade problems between member governments
Negotitate and agree rules for international commerce
Give trading nations confidence there will be no sudden policy changes
How does the WTO supervise/liberalise trade?
By reducing barriers
How many members are there in the WTO?
> 160
How many members of the WTO are developing countries?
3/4
=roughly 120
Who runs the WTO?
Its members, all decisions are made by consensus
What was the Doha Develpment Agenda?
Series of talks to reform agricultural trade between advanced and developing economies
What were the hopes of the Doha talks in Geneva (2008)?
Reduce tarriffs to 30%
A reduction in subsidies paid to produce farm products
If developed countries adhered to the Doha talks, what would this mean?
A benefit in tade for developing countries
Reduced prices of food for customers in HICs
Fairer process for farmers in emerging economies
What were the problems that emerged from the Doha talks?
The USA, EU and Japan insisted that some nations opened their markets to western manufactured goods
Emerging nations insisted on larger cuts in farm subisidies and tarriffs that US and EU got
Disagreement led to a collapse in the trade talks
What were some successes of the Doha talks?
Bi lateral agreement between the EU and Latin America on the trade of bananas
Multi lateral trade agreement called the ‘Bali Package’
159 members agreed on a trade facilitation deal to speed up the movement of traded goods to reduce costs
