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Political Science

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