International Political Economy
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| What is International Political Economy? | show 🗑
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| show | Objective:increase the relative wealth and power of the state by creating a BALANCE OF PAYMENT surplus
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| What is Balance of payment | show 🗑
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| what is the Method of mercantilism | show 🗑
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| What is the objective of Commercial Liberalism | show 🗑
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| show | Father of Microeconomics, wrote the Wealth of Nations
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| what is the Method of Commercial Liberalism | show 🗑
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| show | Government intervention needed to correct market inefficiencies, particularly during economic crises; same goal as commercial liberalism
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| who was John Maynard Keynes | show 🗑
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| What institutions came from Bretton Woods (1944) | show 🗑
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| what does the World Bank do? (IGO) | show 🗑
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| show | Helps finance large CAPITAL PROJECTS in support of economic development
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| show | president of the world bank is always a US citizen
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| what is the role of the board of governors in the world bank | show 🗑
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| How are voting rights determined in the world bank | show 🗑
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| what is the Internatinal Monetary Fund (IMF) | show 🗑
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| show | money paid into IMF by member states; amount based on each state's relative economic wealth; determines how much each state can borrow and its voting rights
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| show | IMF currency used only for financial transactions between member states; value tied to euro, dollar, yen, and pound sterling
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| show | Always European
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| show | After WW2, US dollar became world's currency;US dollar tied to gold at a FIXED EXCHANGE RATE ($35 per oz. of gold)
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| show | All other currencies values tied to US dollar at relatively fixed rates
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| show | richard nixon
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| what is Floating Exchange Rate | show 🗑
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| show | Meeting of finance ministers and central bank governors from 19 countries and the EU
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| what is thePurpose of G20 | show 🗑
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| Free Trade: Internation trade Org. ITO | show 🗑
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| show | General Agreement on Trade and Tariffs; signed by 23 countries in 1947
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| show | encourage global trade by reducing tariffs
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| show | tariff preferences granted to 1 GAAT state, must be granted to all others exporting the same product
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| show | several types of goods exempted from GAAT rules (ex. textiles/clothing); did not cover services (ex. banking, insurance, delivery, telecommunications, tourism)
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| what are more weaknesses of GAAT | show 🗑
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| show | Marrakesh Agreement
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| what did the Marrakesh Agreement create? | show 🗑
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| show | expanded trade rules to cover textiles/clothing, services, intellectual property, nontariff barriers
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