Chap 3 International Institutions Flashcards

0
Q

Types of Institutions

A

Formal institutions

Informal institutions

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1
Q

New institutional theory

A

Understanding of institutions as a social constructs, a collection of norms that structure the relations of the individuals to one another.

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2
Q

Formal institution

A

Institutions that influence behavior through laws and regulations

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3
Q

Informal institutions

A

Institutions that influence behavior through norms, values, customers and ideologies.

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4
Q

Guanxi

A

A Chinese institution that describes a type of relationship similar to a combination of social capital and mentoring.

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5
Q

United Nations UN

A

192 member organization dedicated to the promotion of peace and stability of the world

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6
Q

General assembly

A

Deliberative body of the UN made up of all member-nations, each with one vote regardless of size, wealth, or power

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7
Q

Security council

A

Main peacekeeping body of the UN, composed of 15 member including 5 permanent members

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8
Q

Economic and Social Council ECOSOC

A

UN body concedes with economic and social issues such as trade, development, education, and human rights

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9
Q

International Court of Justice ICJ

A

UN body that makes legal decisions involving disputes between national governments

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10
Q

Secretariat

A

The staff of the UN, headed by the secretary-general

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11
Q

Bretton Woods

A

1944 conference at which allies nations’ treasury and central bank representatives met the establish the International Monetary Fund and World Bank

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12
Q

International Monetary Fund IMF

A

Institution that fosters global monetary cooperation, financial stability, international trade, high employment and sustainable economic growth, and reduction of poverty.

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13
Q

World Bank

A

Institution that lends money for development projects

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14
Q

Special Drawing Rights SDRs

A

An international reserve asset established by the IMF

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15
Q

par value

A

Started value

16
Q

World Trade Organization WTO

A

An international organization that deals with rules of trade between nations.

17
Q

WTO Principles

A
  1. Trade without discrimination
  2. Free trade, gradually, through negotiations
  3. Predictability, through binding and transparency
  4. Promotion of fair competition
  5. Encouragement of development and economic reform.
18
Q

Doha Development Agenda

A

WTO extended conference on trade

19
Q

trade-related intellectual property rights TRIPS

A

Refers to the WTO agreement that protects copyrights, trademarks, secrets, and other intellectual property matters

20
Q

Organization for Economic Cooperation and Development OECD

A

Group of developed countries dedicated to promoting economic expansion in its members-nations

21
Q

free trade area FTA

A

Area in which tariffs among members have been eliminated, but member keep their external tariffs

22
Q

custom union

A

Collaboration that adds common external tariff to an FTA

23
Q

custom market

A

Custom Union that include mobility of services, people, and capital within the union.

24
complete economic integration
Integration on economic and political levels
25
North American Free Trade Agreement NAFTA
Agreement creating free trade area among Canada, Mexico, and the United States.
26
Mercosur or Mercosul | Common Market of the South
A South American customs union of Argentina, Paraguay, Brazil, and Uruguay
27
Association of Southeast Asian Nations ASEAN
agreement among Southeast Asian nations that began as a security agreement and has developed toward a common market
28
European Union EU
A body of 28 European countries commutes to economic and political integration
29
European Monetary Union EMU or Economic and Monetary Union
EU group that established use of the euro in the 17-country euro zone
30
European Parliment
EU legislative body whose members are popularly elected from member-nations
31
Council of the European Union
The EU's primary policy-setting institution
32
European Comission
Body responsible for the EU's day-to-day operations
33
European Central Bank
The central bank for Europe's singly current, the euro
34
European Court of Justice
The highest court of the EU, it interprets EU law