Week 5: Globe and Mail article - Bretton Woods Flashcards
What is the significance of the Bretton Woods Conference?
It established a new postwar economic order focused on liberalized trade and international cooperation.
Who was John Maynard Keynes and what was his role at Bretton Woods?
A leading economic thinker who aimed to create a stable economic framework for postwar reconstruction.
What major economic institutions were created as a result of the Bretton Woods Conference?
The International Monetary Fund (IMF) and the World Bank.
What does the term “hyper-globalization” refer to, according to Dani Rodrik?
A model of globalization that excessively prioritizes trade and capital movement at the expense of national sovereignty.
What was the “China shock,” and what impact did it have on globalization?
The economic disruption caused by China’s rise as a manufacturing powerhouse, which led to deindustrialization in many Western economies.
How did the Bretton Woods Conference address the failures of previous economic policies?
It aimed to create a more balanced and sustainable economic system to avoid past mistakes like the Treaty of Versailles.
What role did Canada play at the Bretton Woods Conference?
Canada acted as a conciliator, helping to bridge differences between delegations, notably through Louis Rasminsky.
What are the three proposed worlds in the current global economic landscape, according to Dr. Irwin?
Advanced market democracies aligned with the U.S., nations aligned with China, and free-agent countries navigating geopolitical tensions.
How do the authors perceive the future of globalization?
They suggest that reports of globalization’s demise may be exaggerated and advocate for reform to address its excesses.
What did Keynes emphasize in his closing remarks at the conference?
The historical significance of their achievements and the importance of the collective effort in shaping a new economic order.
How many Allied countries were present at the Bretton Woods Conference?
(a) 23
(b) 44
(c) 36
(d) 26
(b) 44
By 2020, how much of global exports was China responsible for?
(a) 60%
(b) 40%
(c) 20%
(d) 55%
(c) 20%
In a widely heralded 2015 Article in The Atlantic and later in the provocatively titled book Destined for War, Harvard Professor Graham Allison warned about the “Thucydides Trap.” What did he say when describing this concept?
From Sparta and Athens forward, he wrote, the world has found it difficult to keep the conflicts between rising global powers and established ones from leading to war.
In more recent years, Canadian trade negotiators cobbled together ________ free-trade agreements covering _________ countries, including every G7 nation.
15 free-trade agreements covering 54 countries.
The CPTPP is described as being designed to be “open-sourced.” What does this mean?
It is a living economic organism prepared to go beyond its region of origin.
