Multilateral Institutions Flashcards

1
Q

What is a multilateral institution?

A

an organisation involving many nation states

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2
Q

What are 3 examples of multilateral institutions?

A

World trade organisation
International Monetary Fund
World Bank

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3
Q

What does the IMF do?

A

offer financial and technical assistance to its members

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4
Q

How could the IMF and world bank be described?

A

western/Eurocentric

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5
Q

How do the IMF and world bank rely on security?

A

it is necessary so that loans and capital aren’t given to corrupt governments/individuals

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6
Q

Why might the IMF provide loans?

A

as a last resort to prevent a global economic crisis

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7
Q

What does the world bank do?

A

provide economic assistance, usually in the form of long-term loans, to help developing countries

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8
Q

How does the world bank rely on financial systems?

A

money comes from borrowing on the international bond market

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9
Q

What is a ‘top down’ approach?

A

government receives funding, that hopefully trickles down to the poorest people

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10
Q

What is a ‘bottom up’ approach?

A

funding given to communities and grass roots

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11
Q

What is the WTO?

A

an organisation dealing with the rules of trade between nations. Agreements signed by world’s trading nations and ratified in their parliments

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12
Q

What does ratified mean?

A

legally upheld

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13
Q

What is the aim of the WTO?

A

ensure trade flows freely, smoothly and predictably

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14
Q

What are 3 advantages of the WTO?

A
  • ensures fair trading practices for LICs (SDTs), could reduce unequal flows
  • reduces damage caused by protectionism
  • decisions made by members
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15
Q

What are 3 disadvantages of the WTO?

A
  • HICs remain dominant in disputes
  • protectionism can protect LICs from dominance of HICs and TNCs
  • processes can be long-lasting (eg Doha round ongoing since 2001)
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