exams final key terms

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University of Toronto Scarborough
Political Science
Waldemar Skrobacki

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 Brussels. 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 1950s. 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 It was superseded by the establishment of the WTO in 1995.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 investments. 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 www.notesolution.com
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