International Monetary Fund (IMF) - ️️Institution that fosters global monetary
cooperation, financial stability, international trade, high employment and sustainable
economic growth, and reduction of poverty
trade-related intellectual property rights (TRIPS) - ️️The WTO agreement that
p...
Zydorek IMS 3310 Exam 2
International Monetary Fund (IMF) - ✔️✔️Institution that fosters global monetary
cooperation, financial stability, international trade, high employment and sustainable
economic growth, and reduction of poverty
trade-related intellectual property rights (TRIPS) - ✔️✔️The WTO agreement that
protects copyrights, trademarks, trade secrets, and other intellectual property matters
informal institutions - ✔️✔️institutions that influence behavior through norms, values,
customs, and ideologies
normative informal institutions - ✔️✔️include those organizations that establish
standards and propagate principles (the UN, NGOs, social groups)
formal institutions - ✔️✔️institutions that influence behavior through laws and
regulations
cognitive informal institutions - ✔️✔️collections of shared ideas that define reality by
means of conceptual frameworks or schema
often neither explicit or tangible
United Nations (UN) - ✔️✔️193-member organization of countries dedicated to the
promotion of peace and stability of the world
General Assembly - ✔️✔️Deliberative body of the UN made up of all member nations,
each with one vote regardless of size, wealth, or power
new institutional theory - ✔️✔️understanding of institutions as social constructs, a
collection of norms that structure the relations of individuals to one another
Security Council - ✔️✔️Main peacekeeping body of the UN, composed of 15 members
including 5 permanent members (US, UK, France, China, Russia)
Economic and Social Council (ECOSOC) - ✔️✔️UN body concerned with economic
and social issues such as trade, development, education, and human rights
International Court of Justice - ✔️✔️UN body that makes legal decisions involving
disputes between national governments
Secretariat - ✔️✔️The staff of the UN, headed by the secretary-general
, Bretton Woods - ✔️✔️1944 conference at which Allied nations' treasury and central
bank representatives met to establish the International Monetary Fund and the World
Bank
World Bank - ✔️✔️Institution that lends money for development projects focused on
reducing poverty
Examples of international reform initiatives - ✔️✔️Vietnam 2035
Malaysia 2020
Special Drawing Rights (SDRs) - ✔️✔️An international reserve asset established by
the IMF
Criticisms of the IMF - ✔️✔️1.Forcing free-market policies on poor countries
2.Increasing poverty and political chaos (Bolivia, Indonesia, Thailand)
Current IMF Issues - ✔️✔️1.Aid coupled with mandatory advice to reduce budget
deficits and inflation lead to increased poverty
2.IMF largely controlled by developed Western countries
3.IMF has strengthened economies of dictatorial regimes that become markets for
multinationals
International Bank for Reconstruction and Development (IBRD or World Bank) -
✔️✔️focus on middle income nations
International Development Association (IDA) - ✔️✔️focus on poorest nations via
interest-free loans and grants
Organisation for Economic Co-operation and Development (OECD) - ✔️✔️-Group of
developed countries dedicated to promoting their own and other nations' economic
expansion
-Provides research on economic and business topics
World Trade Organization (WTO) - ✔️✔️An international organization that establishes
and helps implement rules of trade between nations
WTO Principles - ✔️✔️-Trade without discrimination
-Freer trade
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