Key Institutions from Bretton Woods

Question 1

Aims to reduce tariffs and promote international trade liberalization.

Answer 1

General Agreement on Tariffs and Trade (GATT)

Question 2

Oversees exchange rates, balance of payments, and
international capital flows, while monitoring macroeconomic policies.

Answer 2

International Monetary Fund (IMF)

Question 3

Further liberalizes trade by reducing trade barriers globally, based on neoliberal economic principles.

Answer 3

World Trade Organization (WTO)

Question 4

Provides financial assistance to middle-income and poorer nations, focusing on government-backed projects.

Answer 4

World Bank (WB)

Question 5

A political and economic alliance fostering European integration through common policies and the Euro currency.

Answer 5

European Union (EU)

Question 6

Coordinates petroleum policies among member states and provides economic aid.

Answer 6

Organization of Petroleum Exporting Countries (OPEC)

Question 7

An international body that sets technical standards
for global goods and services, ensuring quality control across markets.

Answer 7

International Standard Organization (ISO)