18 Questions
What is the focus of neoliberal economic policies?
Privatization and deregulation
Which of the following is a characteristic of the Washington Consensus?
Lowering tariffs and opening up economies
What was one of the key elements of the Washington Consensus regarding public services?
Privatization of services like water and electricity
Which term is associated with the system where money serves as a medium of exchange and store of value?
Fiat System
What was a common recommendation made by the Washington Consensus to stimulate economic growth in developing countries?
Implement privatization measures
Which organization was established to provide financial assistance for post-World War II reconstruction and development projects?
International Bank for Reconstruction and Development
What was the main responsibility of the International Bank for Reconstruction and Development (IBRD) or World Bank (WB)?
Providing loans for post-war reconstruction projects
Which organization acted as the global lender of last resort to prevent countries from facing credit crises?
International Monetary Fund (IMF)
What event led to the downfall of the Bretton Woods System in the early 1970s?
OPEC's 'oil embargo' against Western countries
Who were the key proponents of Neoliberalism, a theory developed in the 20th century?
Milton Friedman and Friedrich Hayek
What was the main objective of the General Agreement on Tariffs and Trade (GATT) established in 1947?
Promote free trade by reducing tariffs
According to Neoliberal proponents, what did they argue about government intervention in economies?
Government intervention distorts market functioning and causes inflation
What economic crisis is considered to be the worst and longest experienced by the West?
The Great Depression
Who was the British economist whose ideas heavily influenced the Bretton Woods System?
John Maynard Keynes
Which global economic system had an active role for governments in managing spending to revitalize markets?
Bretton Woods System
Which financial institution was established as part of the Bretton Woods System to focus on providing financial support for developing countries?
International Bank for Reconstruction and Development
What belief did John Maynard Keynes hold about economic crises according to the text?
Crises occur when money is not spent
Which system opened during the Political and Financial Conference of the United Nations in 1944?
Bretton Woods System
Test your knowledge on the economic policies associated with the Washington Consensus, such as privatization, deregulation, globalization, free trade, inflation, and government spending cuts. Explore the characteristics and impact of the Washington Consensus on economic liberalization.
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