POLD89H3 Study Guide - Final Guide: Bretton Woods Conference, Multilateral Trade Negotiations, Maastricht Treaty

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15 Apr 2012
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Course
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POLA84
Tharrny Selvathayabaran
The Bretton Wood Systems
A conference of 45 sovereign
states at hotel Bretton Wood,
New hemisphere
Conference created a
multilateral system that would
regulate and govern post WW2
and prevent another depression
Resulted in establishment of the
IMF and WB.
The system attempted to
institutionalize the international
monetary cooperation, but
voting rights were in relation to
quotas
Wealthier nations has an over
advantage
Bretton woods tried to create
the ITO , but the un refused to
the creatjon of GATT
A potential agreement to
provide a framework of rules
and a forum to negotiate trade
barrier reductions among
nations
Led to creation of WTO,for
members to address
international trade issues
Under BS the us dollar was
pegged to gold and all other
currencies pegged to the US
dollar. With lots of spending ,
the amount of dollars in
circulation quickly exceeded the
amount of gold used to back the
US dollar
After being pulled back into a
recession in 1960s, president
Richard Nixon declared that it
could no longer be pegged to
gold; thus the end of BS system.
Emerging Economy
Brazil,Russia ,India,China
Accounted for overwhelming
majority of foreign investement
and trade
European Parliment
It is constituted of European
Members of Parliament who are
directly elected in each Member
State.
The Parliament holds a three-
fold action:- It is one of the
European decision makers; it
carries Community acts -
Legislative Power.- Its
Budgetary Power allows it to
define the definitive budget. It is
enabled to reject it.
It also holds a Political control of
the institutions: it can ask the
Commission to submit a
proposal to the Council or ask
written or oral questions to the
institutions.
European Union
The European Union (EU)
i/ˌjʊərəˈpiːənˈjuːnjən/ is an economic
and political union or
confederation[10][11] of 27 member
states which are located primarily in
Europe.[12] The EU traces its origins
from the European Coal and Steel
Community (ECSC) and the European
Economic Community (EEC), formed by
six countries in 1958. In the intervening
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years the EU has grown in size by the
accession of new member states, and in
power by the addition of policy areas to
its remit. The Maastricht Treaty
established the European Union under
its current name in 1993.[13] The latest
amendment to the constitutional basis
of the EU, the Treaty of Lisbon, came
into force in 2009.
The EU operates through a system of
supranational independent institutions
and intergovernmental negotiated
decisions by the member
states.[14][15][16] Important
institutions of the EU include the
European Commission, the Council of
the European Union, the European
Council, the Court of Justice of the
European Union, and the European
Central Bank. The European Parliament
is elected every five years by EU citizens.
The EU has developed a single market
through a standardised system of laws
which apply in all member states.
Within the Schengen Area (which
includes EU and non-EU states) passport
controls have been abolished.[17] EU
policies aim to ensure the free
movement of people, goods, services,
and capital,[18] enact legislation in
justice and home affairs, and maintain
common policies on trade,[19]
agriculture,[20] fisheries and regional
development.[21] A monetary union,
the eurozone, was established in 1999
and, as of January 2012, is composed of
17 member states.
FAO
Food and Agriculture
Organization (FAO), oldest
permanent specialized agency of
the United Nation
established in October 1945
the objective of FAO is
eliminating hunger and
improving nutrition and
standards of living by increasing
agricultural productivity.
It coordinates the efforts of
governments and technical
agencies in programs for
developing agriculture, forestry,
fisheries, and land and water
resources.
It maintains information and
support services, including
keeping statistics on world
production, trade, and
consumption of agricultural
commodities
is governed by the biennial FAO
conference, in which each
member country, as well as the
European Union, is represented.
The conference elects a 49-
member Council, which serves as
its executive organ.
In 1969 the organization
published An Indicative World
Plan for Agricultural
Development, which analyzed
the main problems in world
agriculture and suggested
strategies for solving them.
The 1974 World Food
Conference, held in Rome during
a period of food shortages in the
southern Sahara, prompted the
FAO to promote programs
relating to world food security,
including helping small farmers
implement low-cost projects to
enhance productivity.
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In the 1980s and ’90s, FAO
programs for sustainable
agriculture and rural
development emphasized
strategies that were
economically feasible,
environmentally sound, and
technologically appropriate to
the skill level of the host
country.
GATT
- general agreement on tariffs and
trade
- a multilateral agreement
designed to provide a framework
of rules and forum to negotiate
trade barrier reductions among
nations
- It was created when the US
senate refused to ratify the ITO
charter
- The workings of the GATT
agreement are the responsibility
of the Council for Trade in Goods
(Goods Council) which is made
up of representatives from all
WTO member countries
Global Governance
- the political interaction of
transational actors (both state
and non state) aimted at solving
global problems affecting more
than one state or region, such as
environmental degradation and
nuclear proliferation
Great Depression
- severe economic downturn
and a terrible social crisis,
1929-1939)
- occurred because of a stock
market crash in 1929
- Tuesday, October 29, 1929 is
known as Black Tuesday
because of the plunge the
stock market took, and it
largely symbolizes the start
of the Great Depression
- -At its highest point during
the Great Depression,
unemployment reached 25%
- -The Great Depression began
in 1929 and ended in 1941
when America prepared to
enter World War II.
- Connection to Europe :
Europe, still reeling from the
devastation of World War I,
fell into economic decline.
America soon became the
world’s banker, and as
Europe started defaulting on
loans and buying less
American products, the
Great Depression spread.
- Investors were able
speculate wildly, buying
stocks on margin, needing
only 10% of the price of a
stock to be able to complete
the purchase.
- When the stock market
crashed, and the banks
failed, and unemployment
levels reached higher and
higher points, people
understandably stopped
spending money, which also
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