Lesson 75 pg. 206 - 209 Flashcards
Define globalism
globalism - a philosophy which regards the entire world as one giant community that should be unified politically and economically
What is the United Nations (UN)?
> one of most prominent global bodies
international organization that maintains peace
body whose stated purpose was the promotion of world peace and economic prosperity
What is the General Assembly?
> one of the principal agencies in the UN
its representatives meet at least once a year to discuss international problems, and each member country, regardless of its size, has one vote
cannot make laws, but can decide how much UN should spend on its assortment of projects
makes recommendations to Security Council
What is the Security Council?
> another principal agency of the UN
body of currently five permanent and ten elected-member countries
makes decisions concerning UN involvement in national and international conflicts
determine if and when UN peacekeeping troops move into an area troubled by conflict or natural disasters
What is the Economic and Social Council?
> another principal agency of the UN
studies economic and social problems and makes recommendations to General Assembly, individual nations, and UN’s specialized agencies
What is the World Bank?
> UN establishment to lend money to war-torn countries that need reconstruction and repair
has turned into an international welfare agency that lends funds to some of world’s poorest governments
their mission: eliminate poverty and sustain development
What are the two institutions that the World Bank consists of?
> International Bank for Reconstruction and Development (IBRD), which focuses on middle-income countries
International Development Association (IDA), which focuses on the world’s poorest countries
What is the International Monetary Fund (IMF)?
> another special agency linked to UN
>impartial international organization that monitors value and exchange of currencies
What is the World Trade Organization?
> cooperates with UN, but not a UN agency
hailed as only global body dealing with trade rules that have been established among world’s countries
assists free flow of trade among nations to help countries establish freer trade through negotiations and resolves any trading conflicts that arise
What is the General Agreement on Tariffs and Trade (GATT)?
> much of world’s international trade was guided by regulations of General Agreement on Tariffs and Trade (GATT)
What is the North American Free Trade Agreement (NAFTA)?
> agreement calling for elimination of tariffs and other trade restrictions that existed between United States, Canada, and Mexico to encourage free trade
What is the European Union (EU)?
> organization of countries of Europe’s western half that meant to encourage free trade among its members and assure European influence in world affairs
What is the euro?
euro - multinational currency which was expected to quickly replace national currencies such as German mark and French franc and to facilitate freer trade within European Union
