Economic Global Governance

• What are G20 and G7/8?


  Informal forums of the world's 20 and 7 largest economies
• What is the primary focus of the G20 and G7/8?


  They frequently focus on economic matters
• What was a key founding aim of the United Nations (UN)?


  To reduce poverty
• How does the UN primarily conduct its efforts to reduce poverty?


  Through the UN Development Programme and ECOSOC
• What are the Millennium Development Goals?


  Goals that began in 2000 aimed at reducing poverty
• What is the specific responsibility of the World Bank?


  To reduce poverty
• How does the World Bank typically provide assistance to developing states?


  By providing grants rather than loans
• What is the role of the World Trade Organization (WTO)?

  To increase global free trade and reduce barriers to trade
• What is a significant issue regarding membership in the WTO?


  Many poorer states are still not members
• How do the organizations mentioned reflect the liberal ideal of states working together?


  • They promote cooperation among states
  • They emphasize responsibility to assist economic development
  • They focus on reducing poverty and increasing trade
• What does globalisation refer to?

  World becoming more closely connected
• What types of connections does globalisation create?

  Economic, political, and cultural connections
• How does globalisation affect nation states?

  Limits their sovereign independence
• What is economic globalisation?

  • Global economy becomes interconnected
  • Result of free trade
  • Increased cross-border transfer of:
  • Goods
  • Capital
  • Services
  • Workers
• What principle is associated with economic globalisation?

  Principles of free trade
• What economic theory is linked to globalisation?

  Neo-classical economic theory
• What system was created to fix the economy after WWII?

  Bretton Woods system
• In what year was the Bretton Woods system created?

  1946
• What are the three major institutions associated with globalisation?

  World Bank, IMF, WTO
• What is the Washington Consensus?

  A set of economic policy recommendations
• What has contributed to the growth of global financial markets?

  Economic globalisation and free trade
• What is the impact of globalization on nation states?

  It affects national sovereignty and economic policies
• How has economic globalization limited nation states?

  By reducing their control over economic policies
• What economic approach have countries embraced since the end of the Cold War?

  Neoclassical liberalism
• What is a consequence of low taxation on foreign direct investment (FDI)?

  It attracts more foreign direct investment
• What do Structural Adjustment Programmes (SAPs) advise countries to do?

  Implement economic reforms to stabilize economies
• What are some measures suggested by SAPs?

  Privatization and freely floating exchange rates
• How do decisions by international investors affect nation states?

  They determine the prosperity of nation states
• What does the financial crash of 2008 illustrate about the world economy?

  It shows how tightly linked the world economy is
• Which countries were less affected by the 2008 financial crash?

  Australia and Canada
• What can nation states do in response to globalization?

  They can manipulate it to their advantage
• How did China respond to globalization to boost exports?

  By devaluing its currency
• What action did Trump take regarding the Trans-Pacific Partnership (TPP)?

  He pulled the USA out of TPP
• What economic principle can be abandoned according to the text?

  Principles of free trade
• How has economic globalization affected job security in the EU?

  It has threatened job security
• What were the 'Yellow Jacket' protests in France about?

  People protesting against economic conditions
• What does the term 'Yellow Jackets' refer to in the context of France?

  Protests against economic issues
• What is a significant outcome of globalization mentioned in the text?

  Job insecurity in the EU
• What does "race to the bottom" refer to in economics?

  Competition for lowest prices
• How is the "race to the bottom" related to economic globalization?

  It drives competition for lower prices globally