lead up to crisis decade +. crisis decade

Question 1

problems during crisis decade (3+1)

Answer 1

1) protectionism (1971-)
2) oil crisis (1973,1979)
3) debt crisis (1982)
4) unfair trading practices under WTO (1995-)

Question 2

why did GAC end (USA)

Answer 2

1) unsustainability of USA unilateral management
- currency speculations
- increasing convergence of economies

Question 3

multilateral management of economy (2)

Answer 3

1) central bank cooperation
Bank for international settlement (BIS)

2) G10 + USA
- combined fund for currency management ($6bil)

3) European monetary system (1979)
- fixed exchange rate among WE states

Question 4

when did protectionism start?

Answer 4

nixon shocks - 1971

end of BWS fixed currency

Question 5

new protectionism (2+1)

Answer 5

1) NTBs
2) VER
3) regionalism:
cultural agricultural policy (1962)