Question 1

How did the General Agreement on Tariffs and Trade (GATT) function and in what way was it successful? Why was it replaced by the World Trade Organization?

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Question 2

Which domestic interest groups would benefit from preserving trade barriers and which groups would be hurt from those same barriers? How important are domestic interest groups in affecting international trade policy?

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Question 3

Why does the text argue that states have lost control over globalization?

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Question 4

Discuss the origins and purposes of the Bretton Woods system, particularly as it relates to trade and monetary policies. Why did the Bretton Woods monetary regime give way to a system of floating exchange rates in the 1970s and 1980s?

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Question 5

Does globalization mainly aid the poor or the rich in the world? Examine the merits of various perspectives on this question and indicate your own views on the existing evidence.

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Question 6

What are the competing costs and benefits of globalization?

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Question 7

In the wake of the global financial crisis of 2009-2011, how did various countries attempt to deal with the negative outgrowths of the crisis? Why did some countries argue that a sizeable economic stimulus was needed, whereas others argued for countries dealing aggressively with growing debt burdens? How did globalization confound advocates of either approach?

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Question 8

Discuss the key aspects of globalization. How important is each as a means to explain globalization? In what practical ways has globalization impacted your daily life?

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Question 9

One of the important challenges in pursuing a state's international monetary policy concerns the "trilemma" involving exchange rates, capital mobility, and domestic monetary policy. Explain this "trilemma" in terms of what makes it a dilemma. What can states do to try to reconcile these three objectives?

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Question 10

Economic liberalization became a powerful ideology and sets of policies were enacted by many governments beginning in the late 1980s. What are these policies and what are their objectives?

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Quiz 11: The Globalization of Trade and Finance