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IBT MODULE 1
| Question | Answer |
|---|---|
| The complex and multifaceted process of increasing interconnectedness and interdependence among countries and their economies, cultures, and populations. | Globalization |
| The way the world is becoming a single, integrated global system. | Global Village |
| Refers to the merging of historically distinct and separate national markets into one huge global marketplace. | The Globalization of Markets |
| Products that serve universal needs and are considered global. | Oil |
| Sourcing goods to take advantage of differences in cost and quality of factors of production. | The Globalization of Production |
| Factors of production | labor, energy, land, and capital. |
| This is the most recognized form of globalization. It involves the integration of national economies into the international economy through trade, foreign direct investment, capital flow and Global supply chain. | Economic Globalization |
| This refers to the transmission of ideas, meanings, and values around the world in such a way as to extend and intensify social relations. It is the spread of popular culture, diffusion of ideas and values and increase cross cultural contact, | Cultural Globalization |
| This dimension is a key driver of all other forms of globalization | Technological Globalization |
| It is the rapid spread of technology across borders, facilitated by the internet, mobile communication, and advances in transportation. | Technological Globalization |
| This involves the growth of the worldwide political system, both in size and complexity | Political Globalization |
| When was GATT established? | 1947 in the aftermath of World War II |
| Its main objective was to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. It operated on the principle of non-discrimination, ensuring that all signatory countries were treated equally | General Agreement on Tariffs and Trade (GATT) |
| Limitations of GATT | It primarily focused on trade in goods and lacked a strong dispute settlement mechanism. |
| Created in 1995 as a permanent organization to ensure that trade flows as smoothly, predictably, and freely as possible. | World Trade Organization (WTO) |
| Created in 1944 at the Bretton Woods conference. | International Monetary Fund (IMF) |
| the system of exchange rates and international payments that enables countries to transact with each other. | international monetary system |
| Its central mission is to ensure the stability of the international monetary system | International Monetary Fund (IMF) |
| WTO It oversees the implementation and administration of the agreements negotiated by its members. | Administering Trade Agreements |
| WTO It provides a forum for member countries to negotiate new trade agreements and lower trade barriers. | Forum for Negotiations |
| WTO It has a robust and legally binding dispute settlement mechanism to resolve trade conflicts between member nations, which is a significant upgrade from the GATT system. | Settling Disputes |
| WTO Unlike GATT, the WTO's rules cover trade in services and intellectual property, not just goods. | Broader Scope |
| IMF It provides short-term loans to countries experiencing balance-of-payments problems. These loans often come with conditions (structural adjustment policies) requiring the borrowing country to implement economic reforms. | Lender of Last Resort |
| IMF It monitors the economic and financial policies of its 190 member countries and highlights possible risks to stability. | Surveillance |
| IMF It provides practical help and training to countries to help them build better economic institutions and manage their economies more effectively. | Technical Assistance |
| Also created at the Bretton Woods conference in 1944, it is a sister institution to the IMF. | The World Bank |
| Its primary goal is long-term economic development and poverty reduction. | The World Bank |
| World Bank It provides low-interest loans, zero-interest credits, and grants to developing countries for specific projects. | Financial Assistance |
| World Bank This funding is typically used for investments in education, health, public administration, infrastructure (roads, electricity), and private-sector development. | Project-Focused |
| World Bank It is a leading source of research, data, and technical assistance on development issues. | Knowledge Bank |
| Founded in 1945 after World War II | The United Nations (UN) |
| has a much broader mandate than the other institutions, focusing on maintaining international peace and security, promoting human rights, and fostering social and economic development. | The United Nations (UN) |
| UN It facilitates the creation of international agreements and standards that impact global business (e.g., in telecommunications, shipping, and aviation). | Setting Norms and Standards |
| UN The UN's Sustainable Development Goals (SDGs) provide a framework that influences investment and business practices worldwide. | Development Goals |
| Organizes annual summits and ministerial meetings for leaders and officials to reach consensus and issue joint declarations on pressing global issues. | The Group of Twenty (G20) |
Created by:
hanami