Deck 2: Managing the Global Economy Since World War II: The Institutional Framework

Question 1

The 1944 Bretton Woods Conference resulted in the formation of the

A) UNCTAD
B) OECD
C) GATT
D) IBRD
E) all of the above

Answer 1

D

Question 2

States in the mercantilist period

A) increased their technology exports.
B) emphasized the free flow of finance.
C) helped establish territorial unification and state authority.
D) viewed free trade as serving their interests.

Answer 2

C

Question 3

An example of a weighted voting institution is the

A) UNCTAD.
B) IMF.
C) WTO.
D) OECD.

Answer 3

B

Question 4

GATT

A) set its headquarters up in Geneva.
B) was comparable to the IMF and World Bank.
C) was originally designed to be temporary.
D) was formed at Bretton Woods.

Question 5

Hegemonic stability theorists argue that in the interwar period

A) the United States was not yet willing to be the global hegemon.
B) the United States was beginning to act as the global hegemon.
C) Britain's power was declining but it was still the global hegemon.
D) the United States was not yet able to be the global hegemon.

Question 6

Which of the following has been the most informal?

A) GATT
B) OECD
C) UNCTAD
D) IMF

Question 7

The functions of the World Bank evolved in response to

A) the creation of the European Recovery Program (Marshall Plan).
B) the competitive devaluation of currencies.
C) the increase in protectionism.
D) the shift to floating exchange rates.

Question 8

OPEC, the oil producers' cartel, was formed in what decade?

A) 1950s
B) 1960s
C) 1970s
D) 1980s

Question 9

Which of the following countries is not a member of the OECD?

A) China
B) Japan
C) Latvia
D) Canada

Question 10

The largest active informal group dealing with global economic issues is the

A) G77.
B) G8.
C) G20.
D) G7.

Question 11

The G20 has become more important today primarily because

A) the breakup of the Soviet bloc has expanded the reach of the capitalist global economy.
B) the emerging economies now have more influence.
C) globalization has spread to more countries.
D) democratization has become a more important force in the world.

Question 12

Purchasing Power Parity adjusts the size of economies by what variable?

A) interest rates
B) prices
C) debt burden
D) per capita income

Question 13

The human development index is sometimes used today to measure development because it

A) is a better predictor of the future than the per capita GDP.
B) includes quality of life measures of social well being.
C) includes the purchasing power parity.
D) includes a measure of political as well as economic well-being.

Question 14

The World Economic Forum primary membership includes:

A) national governments
B) civil society organizations
C) global companies
D) representatives of global citizens

Question 15

The GATT was not formed at the Bretton Woods Conference

Question 16

Britain was the largest industrial power until the end of World War I when the United States took over that position.

Question 17

The KIEOs (the IMF, World Bank, and WTO) are all specialized agencies of the United Nations.

Question 18

Most analysts can ascribe the nature of globalization to the ability of the KIEOs to control the flows of trade and finance.

Question 19

Purchasing power parity (PPP) based exchange rates do not take account of income inequalities.

Question 20

The G77 has become more important than the G7/G8 in dealing with problems affecting the global economy.

Question 21

The UNCTAD primarily represents developed country (the North) interests.

Question 22

In 1846 Britain repealed its______________, which opened its market to agricultural imports and ushered in a period of free trade.

Question 23

In 1860 Britain and France signed the______________ , which produced a network of trade agreements lowering tariffs throughout Europe.

Question 24

In 1930 the U.S. Congress passed the______________ , which increased U.S. tariffs to their highest level in the twentieth century.

Question 25

In 1934 the U.S. Congress passed the______________ , which delegated tariff-setting authority to the President.

Question 26

The first international financial organization, the______________ , was established in Basle, Switzerland in 1930.

Question 27

In 1964 LDCs expressed their dissatisfaction with the KIEOs by forming the____________________________ .

Question 28

What are the KIEOs? What problems have they confronted, and how have they adapted and changed over time?

Question 29

In what ways were the IMF, World Bank, and GATT designed to prevent the economic problems that resulted in the Great Depression and World War II?

Question 30

Describe OPEC, the NIEs, and the BRIC economies, and discuss how they present a challenge to the dominance of the North.

Question 31

What functions does the OECD perform, and who is included? Why do you think it has not been expanded further in its membership? What are the (dis)advantages of limiting its membership?

Question 32

Examine the MAI proposal from the 1990s. What was it proposing and why did it fail in its efforts to reform global investment rules?

Question 33

What are the (dis)advantages of the informal status of groups such as the G5 and G7?

Question 34

Compare the value of standard economic measurements of well-being, such as GDP, with the HDI. What are the advantages and disadvantages of using each as a measure?

Question 35

What is the Gini coefficient? Examine more closely how it is calculated. Is it a comprehensive measure of inequality, or are some aspects missing?

Question 36

What is the World Economic Forum? How does it contribute to a blurring of lines between "public" and "private" in the global political economy? Should it be more inclusive or disbanded?

Question 37

Examine a civil society organization or non-governmental organization that works on global issues. How does it receive its funding, choose its agenda, recruit members, and try to acquire influence? What do you think are the possibilities and shortcomings of attempting to change global norms this way?