globalisation

Question 1

globalisation

Answer 1

The process of increasing interconnectivity and interdependence of world economies, cultures, and populations, brought about by cross-border trade, investment, and information technology. Example: The proliferation of the internet connecting people globally.

Question 2

Bretton woods

Answer 2

conference held in 1944 where the IMF and World Bank were created, establishing a new international economic order. Example: The establishment of the US dollar as the dominant global currency.

Question 3

IMF

Answer 3

international monetary fund
An international organization that provides financial assistance and advice to member countries facing economic difficulties. Example: IMF bailouts to countries in financial crisis like Greece.

Question 4

world bank

Answer 4

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. Example: Funding infrastructure projects in developing countries.

Question 5

GATT

Answer 5

General agreement on tariffs and trades

An international trade agreement aiming to reduce tariffs and other trade barriers; the precursor to the World Trade Organization (WTO). Example: GATT helped lower global trade barriers before evolving into the WTO.

Question 6

WTO

Answer 6

World Trade Organisation
An international body that enforces agreements and resolves trade disputes between countries. Example: WTO’s role in mediating trade disputes between the US and China.