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International Business > Chap 3 International Institutions > Flashcards

Chap 3 International Institutions Flashcards

0
Q

Types of Institutions

A

Formal institutions

Informal institutions

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1
Q

New institutional theory

A

Understanding of institutions as a social constructs, a collection of norms that structure the relations of the individuals to one another.

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2
Q

Formal institution

A

Institutions that influence behavior through laws and regulations

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3
Q

Informal institutions

A

Institutions that influence behavior through norms, values, customers and ideologies.

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4
Q

Guanxi

A

A Chinese institution that describes a type of relationship similar to a combination of social capital and mentoring.

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5
Q

United Nations UN

A

192 member organization dedicated to the promotion of peace and stability of the world

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6
Q

General assembly

A

Deliberative body of the UN made up of all member-nations, each with one vote regardless of size, wealth, or power

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7
Q

Security council

A

Main peacekeeping body of the UN, composed of 15 member including 5 permanent members

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8
Q

Economic and Social Council ECOSOC

A

UN body concedes with economic and social issues such as trade, development, education, and human rights

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9
Q

International Court of Justice ICJ

A

UN body that makes legal decisions involving disputes between national governments

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10
Q

Secretariat

A

The staff of the UN, headed by the secretary-general

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11
Q

Bretton Woods

A

1944 conference at which allies nations’ treasury and central bank representatives met the establish the International Monetary Fund and World Bank

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12
Q

International Monetary Fund IMF

A

Institution that fosters global monetary cooperation, financial stability, international trade, high employment and sustainable economic growth, and reduction of poverty.

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13
Q

World Bank

A

Institution that lends money for development projects

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14
Q

Special Drawing Rights SDRs

A

An international reserve asset established by the IMF

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15
Q

par value

A

Started value

16
Q

World Trade Organization WTO

A

An international organization that deals with rules of trade between nations.

17
Q

WTO Principles

A
  1. Trade without discrimination
  2. Free trade, gradually, through negotiations
  3. Predictability, through binding and transparency
  4. Promotion of fair competition
  5. Encouragement of development and economic reform.
18
Q

Doha Development Agenda

A

WTO extended conference on trade

19
Q

trade-related intellectual property rights TRIPS

A

Refers to the WTO agreement that protects copyrights, trademarks, secrets, and other intellectual property matters

20
Q

Organization for Economic Cooperation and Development OECD

A

Group of developed countries dedicated to promoting economic expansion in its members-nations

21
Q

free trade area FTA

A

Area in which tariffs among members have been eliminated, but member keep their external tariffs

22
Q

custom union

A

Collaboration that adds common external tariff to an FTA

23
Q

custom market

A

Custom Union that include mobility of services, people, and capital within the union.

24
Q

complete economic integration

A

Integration on economic and political levels

25
Q

North American Free Trade Agreement NAFTA

A

Agreement creating free trade area among Canada, Mexico, and the United States.

26
Q

Mercosur or Mercosul

Common Market of the South

A

A South American customs union of Argentina, Paraguay, Brazil, and Uruguay

27
Q

Association of Southeast Asian Nations ASEAN

A

agreement among Southeast Asian nations that began as a security agreement and has developed toward a common market

28
Q

European Union EU

A

A body of 28 European countries commutes to economic and political integration

29
Q

European Monetary Union EMU or Economic and Monetary Union

A

EU group that established use of the euro in the 17-country euro zone

30
Q

European Parliment

A

EU legislative body whose members are popularly elected from member-nations

31
Q

Council of the European Union

A

The EU’s primary policy-setting institution

32
Q

European Comission

A

Body responsible for the EU’s day-to-day operations

33
Q

European Central Bank

A

The central bank for Europe’s singly current, the euro

34
Q

European Court of Justice

A

The highest court of the EU, it interprets EU law

International Business (8 decks)

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