EQ2 Flashcards
What is EQ2?
What are the impacts of superpowers on the global economy, political systems, and the global environment?
Where is the WEF conference, and what does WEF stand for?
the (World Economic Forum) is held in Davos in Switzerland annually.
What is the WEF?
It is the annual meeting of influential economic players to discuss and aim to solve global issues such as climate change and the gender pay gap.
What did Bono say about the WEF?
“Fat cats in the snow,”
Why does Bono think the WEF is corrupt?
He believes it is a place where rich, white, male celebrities can celebrate their wealth with champagne dinners and leisure activities while masking it as a positive gathering for the world.
What evidence is there to support Bono’s claim that the WEF is corrupt?
2/3 of countries represented were western European, or North American.
What is an IGO?
An intergovernmental organization is an organization between multiple governments who have a common aim.
Give five examples of influential IGO’s.
UN (United Nations) IMF (International Monetary Fund) and WEF (World Economic Forum) WB (World Bank) WTO (World Trade Organization)
What do all of these IGO’s have in common?
They promote the spread and flourish of free capitalism.
What influential economic change occurred in 1986 in Britain?
The privatization of the economy under Margaret Thatcher.
What is Privatization / free market liberalization?
It is where restrictions and control over a country’s economy is lifted through cheaper tariffs and tax breaks, therefore encouraging competitive business in an economy.
What is the issue with Liberalization in some countries?
Some countries have an impoverished population therefore, cannot certain areas of the economy, for fear of harming public health. For example, Bolivia’s water privatization in 2001 meant only 38% of Bolivians had access to clean water.
Was the privatization of the UK successful under Thatcher?
Yes, because it generated £2 billion for the economy. No because the democratic voice of the people is weakened, because there is no accountability towards private businesses.
Name 5 influential trade blocs / IGO’s
USMCA, UN, International Court of Justice, UN secretary council, ASEAN.
Name 5 other influential trade blocs / IGO’s
The ANZUS Treats, North American Treaty organization, Collective Security Treaty, IPCC, CoP.
Who are the North American Treaty Organization?
It is a military treaty stating that if one member country is in under threat, all other members will come to its aid. This seems more necessary now that Russia is acting aggressive.
What is the ANZUS treaty?
A military treaty in which member countries have influence over the activity in the Pacific Ocean. Member countries include New Zealand, Australia, and the USA.
what is the Collective Security treaty?
Members of the former USSR in a military treaty. members include Russia, Armenia, and Kazakhstan. Members are diminishing.
What is the EU?
The European Union is the economic alliance between Europe and Ireland. If it were a country, it would have the largest GPD in the world.
