4.2

• Who are global players in the context of globalisation?

  Global players make decisions affecting local people, often through organisations that are not accountable to those impacted. These include entities like the IMF, World Bank, and WTO.
• What role did global organisations play after 1945?

  Post-WWII, global organisations were created to promote economic development and prevent the spread of communism through financial stability and aid programs, particularly in Southeast Asia.
• What is the primary role of the IMF?

  The IMF's main goal is to maintain international financial stability, providing loans to developing countries, often in exchange for economic reforms like privatisation of government assets.
• What is the role of the World Bank?

  The World Bank finances economic development and addresses issues like natural disasters. It lends money to developing countries under specific conditions for repayment and growth.
• What does the WTO advocate for?

  The WTO promotes free trade by removing barriers like tariffs and subsidies, encouraging trade liberalisation among its 162 member countries.
• What was the impact of Pakistan’s fishing industry after joining the WTO?

  After joining in 1995, Pakistan opened its fishing grounds to foreign competition. TNC-owned trawlers from other countries depleted fish stocks, pushing local fishermen into poverty.
• What is the purpose of international trading blocs?

  Trading blocs (e.g., EU, NAFTA) promote free trade by removing tariffs between members and imposing barriers on non-members. They can limit development for non-member countries.
• How did the UK embrace globalisation in the 1980s?

  Under Thatcher, the UK government fully embraced globalisation by reducing subsidies to uncompetitive industries, offering tax breaks and grants to attract foreign direct investment (FDI).
• What was China’s “open door” policy in 1978?

  China’s "open door" policy aimed to attract international businesses by offering tax incentives and cheap labour, especially in export processing zones, driving rapid economic growth.
• How has China’s role in global FDI changed?

  China is now the world's largest recipient of FDI and a key player in both inflows and outflows of global investment, alongside other BRICS countries like Brazil, Russia, and India.
• What are Inter-governmental organisations (IGOs)?

  IGOs are partnerships between governments of wealthy countries to develop mutual policies. Examples include OPEC (oil price influence) and the G20 (discussion of key economic issues).
• How does OPEC influence global oil prices?

  OPEC controls about 40% of global oil production, allowing it to influence oil prices through decisions about production levels.
• What challenges does Ghana face in the cocoa trade?

  Ghana’s cocoa prices are affected by commodity traders, EU tariffs on processed cocoa, and WTO policies that prevent government subsidies, limiting the ability to add value locally.
• How did WTO policies affect Guatemala's cotton production?

  WTO policies made it difficult for Guatemala to process cotton locally, so the country had to export raw cotton. TNCs now import it, and the local workforce produces cheap clothing for export.