Chap 3 International Institutions Flashcards
Types of Institutions
Formal institutions
Informal institutions
New institutional theory
Understanding of institutions as a social constructs, a collection of norms that structure the relations of the individuals to one another.
Formal institution
Institutions that influence behavior through laws and regulations
Informal institutions
Institutions that influence behavior through norms, values, customers and ideologies.
Guanxi
A Chinese institution that describes a type of relationship similar to a combination of social capital and mentoring.
United Nations UN
192 member organization dedicated to the promotion of peace and stability of the world
General assembly
Deliberative body of the UN made up of all member-nations, each with one vote regardless of size, wealth, or power
Security council
Main peacekeeping body of the UN, composed of 15 member including 5 permanent members
Economic and Social Council ECOSOC
UN body concedes with economic and social issues such as trade, development, education, and human rights
International Court of Justice ICJ
UN body that makes legal decisions involving disputes between national governments
Secretariat
The staff of the UN, headed by the secretary-general
Bretton Woods
1944 conference at which allies nations’ treasury and central bank representatives met the establish the International Monetary Fund and World Bank
International Monetary Fund IMF
Institution that fosters global monetary cooperation, financial stability, international trade, high employment and sustainable economic growth, and reduction of poverty.
World Bank
Institution that lends money for development projects
Special Drawing Rights SDRs
An international reserve asset established by the IMF
par value
Started value
World Trade Organization WTO
An international organization that deals with rules of trade between nations.
WTO Principles
- Trade without discrimination
- Free trade, gradually, through negotiations
- Predictability, through binding and transparency
- Promotion of fair competition
- Encouragement of development and economic reform.
Doha Development Agenda
WTO extended conference on trade
trade-related intellectual property rights TRIPS
Refers to the WTO agreement that protects copyrights, trademarks, secrets, and other intellectual property matters
Organization for Economic Cooperation and Development OECD
Group of developed countries dedicated to promoting economic expansion in its members-nations
free trade area FTA
Area in which tariffs among members have been eliminated, but member keep their external tariffs
custom union
Collaboration that adds common external tariff to an FTA
custom market
Custom Union that include mobility of services, people, and capital within the union.
complete economic integration
Integration on economic and political levels
North American Free Trade Agreement NAFTA
Agreement creating free trade area among Canada, Mexico, and the United States.
Mercosur or Mercosul
Common Market of the South
A South American customs union of Argentina, Paraguay, Brazil, and Uruguay
Association of Southeast Asian Nations ASEAN
agreement among Southeast Asian nations that began as a security agreement and has developed toward a common market
European Union EU
A body of 28 European countries commutes to economic and political integration
European Monetary Union EMU or Economic and Monetary Union
EU group that established use of the euro in the 17-country euro zone
European Parliment
EU legislative body whose members are popularly elected from member-nations
Council of the European Union
The EU’s primary policy-setting institution
European Comission
Body responsible for the EU’s day-to-day operations
European Central Bank
The central bank for Europe’s singly current, the euro
European Court of Justice
The highest court of the EU, it interprets EU law
