Global Economy Notes.docx

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International Affairs
INTL 1101
Lauren Brodsky

Global Economy January 31, 2013 International political economy: the interplay of economics and politics in world affairs International organizations: consider when an organization was born, this influences its purpose – most IOs are idea-infused, and political context is influenced by era Current structure of economic system is based on Bretton Woods. Bretton Woods linked economic deficiency with international conflict. Bretton Woods (1944): conference held in New England following WWII and the Great Depression; wanted to avoid another depression and help rebuild war-torn Europe This goal of helping Europe’s reconstruction was a major shift from the U.S.’s previous policy of avoiding entanglement in Europe. What events and power brokers drive the world economy? Battle between states and markets? Or does one or the other hold the power? There are rules/norms/laws that limit/allow certain economic events = system institution Organization theory: organizations are formed in a context that influences them today International Monetary Fund (IMF): created to promote monetary cooperation and resolve post-war problems; includes ~185 countries today (has taken on a larger, global role) World Bank: facilitates private growth, post WWII European focus at first, now provides loans to countries in return for changes in national economic policy General Agreement on Tariffs and Trade (GATT): forum for negotiations on trade, controversial today Bretton Woods decided to fix
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