GS101 Study Guide - Quiz Guide: Free Trade, Democratic Socialism, Maple Syrup
Document Summary
Bretton woods conference 1944: led by usa, uk, 44 countries gathered to build framework for economic cooperation, gives rise to international organizations the shape the world today. International bank for reconstruction and development (world bank) 5 largest shareholders are the executive directors. Provides loans for reconstruction and development post wwii. Focused on long term economic development, poverty reduction: . 90/day. Aims to end extreme poverty and promote shared prosperity. Administer international monetary system and avoid the repeat of. Share a laisser-faire, capitalist approach to world economy. Since 1990s, world bank & imf give loans to struggling economies. Have strict requirements on economic reforms to receive loans: reduction of public expenditure, exchange rates of currency decided by market, promotion of foreign direct investment, privatization of state enterprises, reduction of tariffs and wage/price controls. General agreement on tariffs and trade (gatt) Later becomes world trade organization (wto) in 1995.
