Economic Globalization Quiz: Test Your Knowledge

What led to food riots in member states of the WTO such as Mexico, Egypt, and Indonesia in 2008?

What were the decision-making processes in the WTO heavily influenced by?

When were the International Monetary Fund (IMF) and the World Bank founded?

What was the main goal of the IMF?

What was one of the key elements of the Bretton Woods System?

How was the U.S. dollar involved in the Bretton Woods System?

What was the role of the International Monetary Fund (IMF) in the Bretton Woods System?

How did the Bretton Woods System impact the exchange rates between different countries?

Where was the headquarters of the World Trade Organization (WTO) located as of 2008?

Which event led to the creation of the World Trade Organization (WTO)?

What was the primary focus of the General Agreement on Tariffs and Trade (GATT)?

What is one of the criticisms of the World Trade Organization (WTO) mentioned in the text?

Food Riots and the WTO

Food riots in WTO member states like Mexico, Egypt, and Indonesia in 2008 were triggered by sharp increases in food prices, partly due to the impact of WTO trade policies on global food markets.

Decision-Making in the WTO

The WTO's decision-making processes are heavily influenced by powerful countries and corporations, which can leads to unfair trade agreements that benefit them at the expense of smaller, developing countries.

Founding of the IMF and World Bank

The International Monetary Fund (IMF) and the World Bank were founded in 1944.

Goals of the IMF

The main goal of the IMF is to promote international monetary cooperation and exchange rate stability.

The Bretton Woods System

One of the key elements of the Bretton Woods System was the pegging of currencies to the US dollar, which was, in turn, pegged to gold at a fixed rate of $35 per ounce.
The US dollar played a central role in the Bretton Woods System, serving as a global reserve currency.
The IMF played a crucial role in the Bretton Woods System, ensuring that countries adhered to the fixed exchange rate system.
The Bretton Woods System fixed exchange rates between different countries, which helped to promote international trade and investment.

WTO Headquarters and History

As of 2008, the headquarters of the World Trade Organization (WTO) was located in Geneva, Switzerland.
The WTO was established as a result of the Uruguay Round of trade negotiations, which concluded in 1994.
The primary focus of the General Agreement on Tariffs and Trade (GATT), the precursor to the WTO, was to promote free trade and reduce tariffs and other trade barriers.

Criticisms of the WTO

One of the criticisms of the WTO is that it prioritizes the interests of powerful countries and corporations over those of smaller, developing countries and marginalized communities.

Test your knowledge on the impact of global economies on the world market and finance, including how the strength of powerful economies and crises in weaker economies affect other countries. Understand the significance of the interconnectedness of world economies.