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University of Toronto Scarborough
Political Science

 EXAM TERMS POLA84 *1. Bretton Woods system - The regulatory system introduced at the end of the Second World War (1944) in an attempt to bring stability to those of the world economy under the US sphere of influence. The IMF and WBO were established at Bretton Woods. The Bretton Woods system is no longer in effect. o first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. o The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate by tying its currency to the U.S. dollar and the ability of the IMF to bridge temporary imbalances of payments. o Globalization: creating relations and becoming in order and becoming one, under US power, making trade possible *2. “Emerging Economy” - Nations with social/business activity in the process of rapid growth and industrialization. They are countries with a GDP per capita inferior to that of a developed nation but the standard of living and economic growth is beginning to rival that of a developed nation. They promise huge potential for growth. China and India are considered to be the largest emerging economies.  Globalization aided them to develop, to grow, becoming open markets, a shift from closed economies to open economies  GDP growing *3. European Parliament - The directly elected parliamentary institution of the EU. Together with the Council and Commission, it exercises legislative function of the EU. Composed of 754 Members and elections are every 5 years. It has control of the EU budget  Powerful legislation in the world, second largest democratic electorate in the world and the largest trans-nnational democratic electorate in tehw orld  Three main roles: debating the EU laws, scrutinizing the EU institions (particular in the commission to make sure it works democratically), adopting EU budget  Successful with being democratic *4. European Union - Economic and political union of various European member states. It has created a common economic area with European-wide laws allowing people to move and trade in other EU countries as they would in their own. Objective is to bring its members close together with respect of human rights and democracy. Most members share the currency of the euro.  Came into action 50 years ago, in first direct elections of the European Parliament  Unify Europe and prevent conflicts and war happening  Held together by an amazing array of treaties, organizations, along with shared values and practises  Great degree of autonomy  Government revenues are raised and spent within the borders *5. FAO (Food and Agricultural Organization of the United Nations) - Agency of the UN that leads international efforts to combat hunger. Member of the United Nations Development Group. Serves as neutral forum where all nations can converge to negotiate agreements and debate policies. Helps countries to modernize and improve food processes while ensuring good nutrition and food security for all.  Helping developing countries, all natiosn to meet as equals, help modernize 6. GATT - (General Agreement on Tariffs and Trade): Multilateral agreement regulating international trade. Its goal is to substantially reduce tariffs and other trade tariffs on a mutually advantageous basis. It lowered prices for consumers and allowed for better usage of factors of production. It was the outcome of the failure of negotiating governments to create the International Trade Organization (IT). Now known as the World Trade Organization. 7. Global Governance - Political interaction of transnational actors. The aim is to solve problems that affect more than one state or region. It’s the management of global processes in the absence of a global government. Global governance designates regulations intended for the global scale. *8. Gross National Product - Total value of all goods and services produced by a national economy within a year regardless of where factors of production are located. Unlike GDP which is based on geographical location, GNP depends on ownership. It’s a measurement used to describe the economic condition of a country. GNP does not distinguish between qualitative and quantitative improvements and consider both to be a part of economic growth. *9. Hyperglobalizers - Individuals who believe globalization is good. They believe that the role of the government is to act as a facilitator of global capitalism. Hyperglobalizers support economic liberalization and free trade. They also advocate decreasing the size of the public sector while increasing the role of the private sector in modern society. *10. ILO (International Labour Organization) - ILO is a United Nations agency dealing with labour issues, particularly international labour standards and decent work for all. Almost all (185 out of 193) UN members are part of the ILO. *11. Interdependence - A relationship in which each member is mutually dependent on the other. In an organizational structure, people and departments must rely on each other to share info, share resources, and communicate in order to have a successful outcome. Without such a thing, failure will follow as the chain of command will be broken. Although success/failure of each entity doesn’t directly affect another, it affects overall success so every entity indirectly affects one another. 12. Intergovernmentalism - Stanley Hoffman theory which states that national governments control the level and speed of European integration. Any increase in power at supranational level results from governments’ direct decision. Integration, driven by national governments, often flowed from domestic political and economic issues. This rejects the idea that supranational organisations are on an equal level to national governments. *13. Jacques Delors - French economist and politician who served as the 8th President of the European Commission. During his presidency, he laid the groundwork for the introduction of a single market within the European community. He played a huge role in the process of European integration. The Delors administration was responsible for the creation of the Committee of the Regions. 14. John Maynard Keynes - John Maynard Keynes was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots. 15. Kenichi Ohmae - 16. Kenneth Waltz - American political economist who is one of the founders of neorealism, also known as structural realism. Neorealism seeks to reformulate the traditional realist paradigm. Waltz argued in favour of a systematic approach in which the international structure acts as a constraint on state behavior so that only states whose outcomes fall within an expected range survive. This system is similar to a microeconomic model in which firms set prices and quantity based on the market. *17. Kyoto Protocol - A United Nations international treaty that sets binding obligations on industrialized nations to reduce emissions of greenhouse gases. However, UN member’s such as Afghanistan and the US are not parties to the protocol despite being prominent powers. Canada withdrew from this protocol in 2011. The Kyoto Protocol is widely considered unsuccessful since the targets only apply to a small amount of annual global emissions. *18. Laissez-faire Capitalism - “let it be” economic environment in which favours the deregulation of the free market. This type of Capitalism is against tariffs, government subsidies and enforced monopolies. There is no such state that has a laissez faire market. *19. LDCs (Least Developed Countries)
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