Global Economic Institutions (12 cards)

Bretton Woods Conference

A 1944 meeting that established the foundations of the post-World War II international economic order.

Bretton Woods System

The international monetary system established after World War II under strong U.S. and British influence.

Gold Standard

A monetary system in which currency values are tied to a fixed quantity of gold.

Competitive Devaluation

Deliberately lowering the value of a country's currency to gain a trade advantage.

International Monetary Fund (IMF)

An institution created to promote exchange-rate stability and assist countries facing economic crises.

Fixed Exchange Rate

A system in which a currency's value is tied to another asset or currency.

Floating Exchange Rate

A system in which currency values are determined primarily by market forces.

IMF Conditionalities

Policy changes that countries agree to implement in exchange for IMF financial assistance.

World Bank

An institution that provides loans and funding for economic development projects, particularly in developing countries.

International Bank for Reconstruction and Development (IBRD)

The original name of the World Bank when it was created to rebuild countries after World War II.

Washington Consensus

A development strategy emphasizing privatization, trade liberalization, deregulation, and tax reform.

Economic Development

The process through which countries improve economic growth, productivity, and standards of living.