EQ2 Superpowers Flashcards
(96 cards)
what is the aim of the WTO
To help its member use trade to raise living standards create jobs and improve peoples lives.
IGO
what is the aim of the WB
The world bank aims to reduce poverty by lending money ti its poorer members to improve their economies and to improve the quality of life for their people.
IGO
what is the aim of the WEF
The world economic forum is committed to improving the state of the world by meeting each year to discuss issues that impact the global economy.
A swiss not-for-profit organisation which promotes public-private co-operation.
negative of the WEF
The organisation meets every year in Davos where there are thousands of politicians, delegates, economists etc.
HOWEVER- It costs $19,000 to attend, which make attendance for small businesses or under-represented countries limited.
what is the aim of the IMF
International monetary funds, works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability.
criticisms of the IMF and WB
They have both been been criticised due to them providing funds for projects that have been unethical and have damaged the environment e.g. rainforest clearance to make way for developments.
They have also been criticised because they have given loans to countries who are incapable to pay back their loans. These countries, in an attempt to reduce their debt, have had to agree to SAPs forcing them to open up their markets and privatise their companies (more details in Globalisation Detailed Notes).
The USA and EU have the highest proportion of voting rights within both these organisations, so their interests are closely tied with the IGOs, rather than the interests of the indebted countries.
Who governs the WTO
The WTO is governed by 164 member governments.
who governs the WB
The 189 members of the WB govern it through a board of governors.
Who governs the WEF
The WEF is governed by a board of trustees and is chaired by
Founder and Chairman of the Board of Trustees,
Professor Klaus Schwab
who governs the IMF
The IMF is governed by and accountable to its member countries. It meets regularly with government and private-sector representatives to inform and improve its work.
wto MEMBERS
164 members which include; the UK, USA,
Argentina, Barbados,
Australia, Brazil and many more.
wb MEMBERS
There are 189 member countries, these include: the UK, the USA, China, Brazil.
wef MEMBERS
3000 paying and selected participants including investors, economists, political leaders and business leaders.
IMF MEMBERS
191 members, including: France, Iceland, El Salvador, Australia, Japan, Germany, Haiti, Israel, Nigeria, UK and US
What emerging superpowers are part of WTO
Brazil, Russian Federation, India, China, South Africa.
What emerging superpowers are part of WB
Brazil, Russian federation, India, China and South Africa
What emerging superpowers are part of WEF
Brazilian company Vale, India, China, South Africa
What emerging superpowers are part of IMF
Brazil, India, China, South Africa
Are the emerging superpowers influential in the WTO?
How/how not?
The BRICS have some influence in the WTO, however they are emerging superpowers, so with other official superpowers like the UK and USA, they would have a greater significance and authority.
Are the emerging superpowers influential in the WB
The BRICS do have some level of influence within the World Bank but the presence of existing superpowers such as the USA and UK
is often considered to be more significant.
Are the emerging superpowers influential in the WEF
Despite there being representative companies from BRIC nations like Vale from
Brazil, the presence of highly developed companies from existing superpowers such as Google and Goldman.
Are the emerging superpowers influential in the IMF
The BRICS do have some level of influence within the international monetary fund but the presence of existing Superpowers such as the UK, USA, France have greater Influence as are of higher importance.
how does the WTO promote free trade and capitalism?
promotes free trade by reducing barriers, like tarrifs- which are taxes on imports/exports from other countries.
Also breaks down other barriers between people and trading economies.
How does the WB promote free trade and capitalism?
The WB supports regional and multilateral agreements.
The WB also stresses that trade and competitiveness are at the centre of national development.
Furthermore, the WB encourages reforms like Aid for trade.