IR Flashcards
(150 cards)
Describe the basic principles of trade and finance established by the Bretton Woods System.
The Bretton Woods system was a post-WWII standard exchange system based on the gold standard, which ended in August 1971 when America left the Bretton Woods system. It was based on the US dollar set equal to 1/35th of an ounce of gold, and other states’ currencies had rates based on the US dollar. The General Agreement on Tariffs and Trades (GATT) was founded to promote a set system of global trade.
What is IMF?
International Monetary Fund - an intergovernmental organization that sets exchange rates and regulates international currency exchange. It was formed to encourage exchange rate stability based on the US dollar, which had a fixed value of 1/35 to gold oz. (Bretton Woods)
What is the World Bank?
It was formed to lend money to EU countries affected by WWII.
General Agreement on Tariffs and Trades (GATT)
A 1947 legal agreement that eliminated or reduced quotas, tariffs, and subsidies to promote trade; acts as an intermediary on trade disputes and clarified trade rules; replaced by the World Trade Organization (WTO).
What was the new system that replaced Bretton Woods after it collapsed in the early 1970s?
Special Drawing Right (SDR), or “paper gold,” a system created by the International Monetary Fund (IMF) which allowed shared currency to be exchanged for other currencies within central banks owned by sovereign states.
The Bretton Woods system was deepened with the creation of the WTO. When did that happen?
The WTO was created in 1995 to replace the GATT. It established monitoring and enforcement mechanisms for trade and expanded the focus to include services and intellectual property in addition to the focus on products established by the GATT.
What is the relationship of the creation of the WTO to globalization?
The WTO shapes the overall expectations and practices of member states regarding international trade through a series of agreements among member states, which aids globalization. Globalization is the process by which the world becomes more culturally, economically, and communicatively interconnected/integrated.
What is the Washington Consensus on international economic issues and development strategy?
The Washington consensus is a market-based approach to help emerging nations
develop. It is sometimes called mercantilism or neoliberalism. It is a 10-step
economic system that involves free market promoting policies (promotes free global
trade over just domestic trade), macro-economic stabilization, economic opening
(trade), and expansion of domestic market forces. The IMF, the World Bank, and the
US Treasury abide by this consensus. (Market oriented, supply and demand)
What is the Beijing Consensus on those same issues, and how does it differ
from the Washington Consensus? Why is this sometimes called “neo-
mercantilism”?
The Beijing Consensus, AKA The Chinese Economic Model (1976), replaces the trust
in a free market with a more hands on approach by the state for economic
development. It is called neo-mercantilism because it encourages exports,
discourages import, controls capital movement, and relegates currency decisions to
the government. (Government controlled and regulated, regardless of supply and
demand)
What types of arguments are made against theWashington Consensus by the anti-globalization movement?
Anti-globalists make arguments against the Washington Consensus because the
neoliberalist approach is too inflexible to work in some other contexts. Anti-
globalization advocates advocate for human rights and protection of natural
resources in states that may be negatively impacted by forced globalization (unsafe
work conditions, child labor, depletion of natural features, etc.). They believe in
putting power in the hands of the people rather than market corporations.
What are the current communist nations?
Cuba, China, North Korea, Laos, Vietnam
What is Communism?
political and economic doctrine that aims to replace private property and a
profit-based economy with public ownership and communal control of at least the major
means of production and natural resources. There is state ownership, central planning,
bureaucratic elite, single party governance. The government sets production goals
(central planning) and assigns work to each individual. The competition that exists are
individuals who compete with each other to get a certain role within society.
2 Types of Regimes
International Regime- rules, norms, and procedures where international actors
converge around a certain issue. An example would be the Geneva Conventions
procedures on treatment of POWs. A cool new set of regime will be rules for space
exploration.
Domestic Regime- What you typically think of when you hear that a government went
through a “regime change”. A domestic government of a state, generally considered
illegitimate by its opposition. An example can be the outcome of the 2020 Belarussian
presidential election, where President Lukashenko sought and won another term,
which many domestic actors (and international as well) have deemed fraudulent. The
Lukashenko Regime is considered illegitimate to the opposition (Brian Reddy).
What is the significance of the Treaty of Westphalia for international relations, in
two sentences?
The Treaty of Westphalia was a turning point of international diplomacy where
instead of one nation outlining the conditions of another’s surrender/defeat, multiple
states came to a compromise through the representation of emissaries and
diplomats. This ended both the 30 and 80 year wars between independent states
within an empire and provided sovereignty to individual, but united, states within an
empire.
Describe the UN system and its founding.
The UN system is an international organization that was founded in 1945. It was made after
the League of Nations failed to counter aggression. Its purpose is to increase international
order and the rule of law to prevent another world war.
UNGA
UN General Assembly: all member states of the UN (193) come together to
pass resolutions; coordinate the other autonomous agencies
UNSC
UN Security Council: 15 countries as members; 5 permanent members:
USA, UK, France, Russia, China
Secretariat
(UN) led by secretary general; executive branch and administration
World Court
(UN) The Court’s role is to settle, in accordance with international law,
legal disputes submitted to it by States and to give advisory opinions on legal
questions referred to it by authorized UN organs and specialized agencies.
WHO
World Health Organization: works to improve world health & promotes
immunizations; adopted by 61 countries in 1946
UNHCR
UN High Commissioner for Refugees: coordinates efforts to protect, assist,
and repatriate refugees across borders to escape war and political violence
Human Rights Council
inter-governmental body 47 States responsible for the
promotion and protection of all human rights around the globe. It has the ability to
discuss all thematic human rights issues and situations that require its attention
throughout the year. It meets at the UN Office at Geneva
UNESCO
UN Education, Scientific, and Cultural Organization: facilitates international communication and scientific collaboration
UNICEF
UN Children’s Emergency Fund: works in 190 countries and
territories to save children’s lives, to defend their rights, and to help them fulfill their
potential, from early childhood through adolescence.
