related issue 3 Flashcards
sustainable prosperity
practicing stewardship of the environment and resources for future generations
trade liberalization
reducing trade barriers so that goods and services can move around the world easier
free trade
when two countries agree to eliminate all Tariffs and taxes on goods and services traded between them
economic globalization
Includes the oil and gas pipelines and large tanks that carry oil products from Canada to markets around the world
Some factors that affect the global economy
(war, natural disasters, famine, economic uncertainty, government economic policies, price changes for non-renewable energy, changes in investors’ confidence)
Bretten woods conference
44 countries met inn the town of Bretton woods for. conference sponsored by the UN.
-idea was to stop another war from happening after WWII
United Nations
Sponsored the Breton woods conference,
Fredrick hayek
- he mistrusted governments having control
- he believed they should protect the market by ensuring rules and laws don’t interfere with competition.
Milton Friedman
believed that everybody would experience greater prosperity , as well as more political and social freedom, if there was less government involvement and freer markets
John Maynard Keynes
h had warned that the peace treaty had ended WWI was doomed to fail
-he led the British at Bretton woods
World Bank, Current goals, Original goals
-Created in Bretton Woods conference
-supported by Un to expand international trade
Original goals
-to lend money to help war-torn countries rebuild
-to speed up economic progress and industrialization in countries
-to help countries develop their natural resources
-to negotiate long term loans to increase productivity in countries
current goals
-to increase growth and reduce poverty in developing countries
-to fund specific infrastructure projects
IMF
-Created in Bretton Woods conference
-supported by Un to expand international trade
original goals
-to set dependable international exchange rates for worlds currencies
-to establish international economic stability and promote foreign trade
current goals
-to provide emergency short term loans to countries
too demand reforms in a country to promote good governance and get rid of corruption
WTO
-Emerged from GATT
-regulated trades in services
-set rules of copy right and intellectual property
FTA and NAFTA
NAFTA immediately eliminated half the trade barriers between three countries, and set goals for the other countries in the next 15 years.
EU
has created a liberalized trading area in Europe. as a result goods, services, money, and people can move easily from one country to another.
