EQ2 Free market capitalism + free trade by IGOs Flashcards
What does IGO stand for?
Intergovernmental Organization
In what year was the IMF founded?
1944
Where was the IMF founded?
Bretton Woods, USA
What is the primary role of the IMF?
Stabilize global currencies after WW2
What does the World Bank aim to achieve?
Eliminate poverty + implement sustainable goals
What does the WTO focus on?
Free up global trade and lower trade barriers
What is the WEF?
World Economic Forum
In what year was the WEF formed?
1971
What type of organization is the WEF?
Non-governmental + non-profit
Who are the top three countries in the IMF?
China, Japan, USA
How has the IMF’s work reflected US and European policies?
In issues like managing international debt
What did the Trump administration realize about the World Bank?
It provided the USA with financial leverage to pursue its global objectives
What is a criticism of the IMF from the 80s and 90s?
Imposed conditions that forced borrowing countries to cut spending on health
What reputation did the IMF gain in the 70s and 80s?
Financing environmentally damaging or costly projects
What impact did cheaper imports have on local farmers in developing countries?
Undercut local farmers, forcing them out of business
What is a criticism related to marginalized communities regarding the IMF?
Excludes voices from marginalized communities
True or False: The WEF promotes strategies aligning with the interests of large corporations.
True
Fill in the blank: The WEF hosts _______ events.
network
What is one of the criticisms related to WEc
-Prioritizes the wealthy instead of addressing wealth disparities
-Environmental concerns
-Promote sustainability but don’t practice it themselves 🙄
What role do superpowers play in shaping global policies through the WEF?
Promoting their political and economic agendas
