Chapter eleven Flashcards
What is the Bretton’s woods agreement?
An agreement signed by the allied countries in 1944 that established a number of financial institutions and a system of rules and regulations to promote international trade in the global economy
What is the world bank?
A financial institution with headquarters in the united states that provides loans to member countries in financial difficulty
What is the IMF?
International monetary fund
What is exchange rate?
The price at which one country’s currency can be purchased with another country’s currency
What is trade liberalization?
The process of reducing barriers to trade
What is free trade?
Trade between countries with relative few restrictions
What is a trading bloc?
A group of countries working together to give one another better trading terms
What is a tariff?
A tax on imported goods or services meant to reduce competition with domestic goods or services
What is the FTA?
Free trade agreement
What is the group of eight?
An informal group of the eight more developed countries with the strongest economies whose leaders meet annually to discuss global issues
What is anti-globalization?
A term used to descried individuals and groups who protect against global trade agreements which they claim only help more developed countries get richer at the expense of less developed countries
What is WTO?
World trade organization
What is GATT?
general agreement with tariffs and trade
