International Economic Institutions and Historical Events: BRICS, IMF, WTO, Bretton Woods, and More

What does BRICS stand for?

A group of countries: Brazil, Russia, India, China, and South Africa, aimed at increasing economic and political growth.

What is the primary role of the International Monetary Fund (IMF)?

To help countries with short-term financial problems and maintain economic stability as a 'lender of last resort'.

What is the World Bank's original purpose?

To help countries rebuild and fund development projects after wars, initially focusing on Europe.

What conditions are often attached to loans from the World Bank?

Conditions such as privatization, deregulation, and austerity measures that reduce government spending.

What was the General Agreement on Tariffs and Trade (GATT)?

An agreement initiated in 1947 to promote free trade and reduce tariffs among member nations.

What organization replaced GATT in 1995?

The World Trade Organization (WTO), which also covers trade in copyrights and ideas.

What is a fixed exchange rate?

A rate that determines a fixed amount of exchange between two currencies, requiring reserves of the other currency.

What does the term 'diaspora' refer to?

Populations outside their homelands who maintain emotional and cultural connections to their places of origin.

What are spheres of influence?

Areas where European countries dominated, even without formal control.

What is populism?

A political ideology advocating for strong leaders to defend the masses against elite interests.

What does national sovereignty entail?

The legal identity of peoples through citizenship in nations, emphasizing non-interference in each other's affairs.

What is biological imperialism?

The practice of replacing native species with Old World crops and animals to suit European economic needs.

What was the significance of the Peace of Westphalia in 1648?

It ended the Thirty Years' War and established the principle of state sovereignty and non-interference.

What was the Bretton Woods Conference?

A 1944 meeting to establish a new financial system post-WW2, leading to the creation of the IMF, World Bank, and GATT.

What was one major economic effect of World War II on the United States?

Economic growth due to mass employment and production expansion.

What caused the Great Depression?

The stock market crash of 1929, leading to a decade-long economic downturn affecting the global economy.

What were some consequences of the Great Depression?

Devalued currencies, high unemployment, low wages, and a significant decline in production and consumer spending.

What was the Dust Bowl?

A major environmental and economic crisis during the Great Depression, exacerbating the economic downturn.

How did FDR's New Deal contribute to economic recovery?

It implemented programs and manufacturing efforts for WWII that helped revive the economy.