Bretton Woods System- International monetary and financial system established after WWII to
foster full employment and price stability, while allowing individual countries to attain external
balance without having to resort to trade restrictions. Takes its name from the July 1944
Conference of 44 countries, to plan for postwar reconstruction and economic stability. The
conference laid the foundation for the IMF and WB.
Emerging Economy- Emerging markets are nations with social or business activity in the process
of rapid growth and industrialization. Currently, there are 28 emerging markets in the world, with
the economies of China and India considered to be by far the two largest.
European Parliament- Originally established in 1952. From 1958 to 1979 it was composed of
representatives drawn from the parliaments of member countries, but since 1979 direct elections
have taken place every five years. Through the Single European Act (1987) it assumed a degree
of sovereignty over nation parliaments. Meets in Stastbourg, and the committee meets in
European Union- The EU is an economic and political union of 27 member states which are
located primarily in Europe. The EU traces its origins from the European Coal and Steel
Community (ECSC) and the European Economic Community (EEC) formed by the six countries
in the 1950’s. Unit with internal free trade and common external tariffs.
FAO- The UN agency concerned with the international organization of Food and Agriculture,
Forestry, Fisheries and Rural Development.
GATT- General Agreement on Tariffs and Trade, an international treaty (1948-94) to promote
trade and economic development by reducing tariffs and other restrictions. It was superseded by
the establishment of the WTO in 1995.
Global Governance- Global governance is the political interaction of transnational actors aimed
at solving problems that affect more than one state or region when there is no power of enforcing
compliance. The modern question of world governance exists in the context of globalization.
Gross National Product- The total value of goods produced and services provided by a country
during one year, equal to the gross domestic product plus the net income from foreign
Hyperglobalization- Economic globalization gives mobile international investors the upper hand
over domestic political authorities.
ILO- International Labor Organization. The specialized agency of the UN which seeks the
promotion of social justice and internationally recognized human and labor rights, and develops
and oversees international labor standards.
Interdependence- A reciprocal relation between interdependent entities. Each member cannot