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Questions and Answers
What was the purpose of the Bretton Woods Conference policies implemented by the United States and Great Britain?
What role did the World Bank (WB) play in the international economic system?
What type of economic system did China create in 2015?
How did the OECD (Organization for Economic Cooperation and Development) contribute to the fall of the Bretton Woods System?
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What was the main focus of capital flows among developing countries according to Sergio Schmukler?
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In what way did the prominent economists directed by the US and Great Britain contribute to the implementation of agreed policies?
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What did the International Reconstruction and Development Bank (IBRD) focus on according to the text?
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What was the primary impact of allowing floating exchange rates by the OECD?
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What characterized the system created by China in 2015?
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How did the fall of the Bretton Woods System affect international economy according to OECD's actions?
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Study Notes
Political Dimension of Globalization
- Rise of new social movements post-militarism highlights the primacy of modern state systems in influencing the process of globalization.
- The fall of the Soviet Union and the creation of a unipolar world ruled by the United States resulted in a change in international relations marked by the ascent of new power structures and a drive for world peace.
Nation State
- A political organization where the state is considered as a political community.
- Elements of a nation state: people, territory, government, and sovereignty.
- Modern state systems began at the signing of the Treaty of Westphalia in 1648 and acquired a new dimension with the emergence of regionalism.
Regionalism
- Pertains to state-led projects designed to reorganize a particular regional space along defined economic and political lines.
- Examples of regionalism include the European Union, ASEAN, and NAFTA.
Global Civil Society
- A structure that encompasses several associations, excluding governments, private sector actors, and families, which act transnationally.
- Recognizes the fundamental right of every state to determine its own course.
Global Governance
- A multi-level collection of governance-related activities, rules, mechanisms, formal and informal, public and private, existing in the world today.
- Includes institutions like the International Monetary Fund (IMF), World Bank, and World Trade Organization (WTO).
Decline of Modern Nation State
- Result of global terrorism, interstate wars, climate change, human trafficking, and the spread of nuclear weapons.
- Threatened by the creation of transnational economic relations and environmental limits.
Economic Dimension of Globalization
- Process that intensifies and stretches economic connections of countries across the globe.
- Industrial Revolution exhibited the opening up of global markets and removal of trade restrictions in the 18th century.
Global Economic Order
- Bretton Woods Institutions provided a steady and functional economic platform.
- International trade was stimulated during the signing of the General Agreement on Tariffs and Trade (GATT).
- Emergence of the New Global Economic Order resulted from the apprehension of several countries about the possibility of another "Great Depression".
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Description
Test your knowledge on the political dimension of globalization, focusing on the rise of new social movements post-militarism and the changing landscape of global politics. Explore concepts such as the role of nation-states and the impact of the Cold War and the fall of the Soviet Union.
