Economic Global Governance

• When was the IMF founded?

  1944
• How many members does the IMF have today?

  190 members
• What is one of the main roles of the IMF?

  Advises member states on economic policies
• How does the IMF assist countries facing debt crises?

  By lending money to those countries
• What type of training does the IMF provide to member states?

  Effective economy management training
• What does the IMF publish annually?

  World economic outlook report
• What significant economic event did the IMF predict before Brexit?

  Increased inflation and a recession
• How many members does the World Bank have today?

  189 members
• What is one of the primary functions of the World Bank?

  Provides loans for reconstruction projects
• What type of projects does the World Bank focus on?

  Long-term development projects
• What was the purpose of the GATT signed in 1947?

  To reduce obstacles to international trade
• How many states had signed the GATT by 1995?

  Over 100 states
• What was the largest trade agreement that created the WTO?

  The Uruguay Round 1986-94
• Where is the WTO based?

  Geneva
• How many members does the WTO have?

  164 members
• What is one of the roles of the WTO?

  Reduces tariffs and sets quotas
• What is a key feature of G7 membership?

  No formal application process
• When was the G20 created?

  1999
• What does G20 membership account for in terms of global population?

  2/3 of the world’s population
• What is one criticism of the IMF regarding debt cycles?

  It could lock states in a debt cycle
• How does voting power work in the IMF?

  Based on member payments and wealth
• What is a concern regarding the World Bank's influence?

  It strengthens the north-south divide
• What is a major issue with the WTO's decision-making process?

  Consensus requirement makes it slow
• What are the main functions of the IMF?

  • Advises member states on economic policies
  • Lends money to countries in debt crises
  • Trains member states on effective economy management
  • Publishes annual world economic outlook reports
• What are the main functions of the World Bank?

  • Provides loans for reconstruction and development
  • Supports long-term projects in developing countries
  • Assists in achieving the UN's development goals
• What are the main functions of the WTO?

  • Reduces tariffs and sets quotas
  • Helps resolve trade disputes
  • Produces research on international trade
• What are the successes of the G20?

  • Led response to the 2008 Financial Crash
  • Promoted agreements on e-commerce and infrastructure
  • Improved relations with Russia
• What are the criticisms of the IMF?

  • Could lock states in a debt cycle
  • Voting power influenced by wealth
  • Conditional loans impose neoliberal policies
• What are the criticisms of the World Bank?

  • Dominated by US influence
  • Concerns over human rights and environmental impact
  • Strengthens the north-south divide
• What are the criticisms of the WTO?

  • Long process to join
  • Slow decision-making due to consensus
  • Gridlock in negotiations like the Doha Round
• What is the process for a country to join the WTO?

  It is very long and complex.
• When did Algeria join the WTO?

  In 1987.
• Which countries are currently applying to join the WTO?

  Iraq, Libya, Somalia, and Sudan.
• Why is decision-making in the WTO slow?

  Consensus is required for decisions.
• How often does the WTO Ministerial Conference meet?

  Every 2 years.
• What is the aim of the Doha Round?

  To increase free trade with developing countries.
• What caused the gridlock in the Doha Round negotiations?

  Developed countries maintained agricultural subsidies.
• What is the estimated unfair advantage provided by agricultural subsidies to the EU and US in the WTO?

  Approximately $300 billion.
• What impact do US-China trade relations have on the WTO?

  They put a strain on the WTO.
• What unilateral trade measures did the US take that threaten the WTO?

  Raising tariffs on iron and steel.