Economic Supra-nationalist Organizations and Trading Bloc's

World Trade Organization

An organization that resolves trade issues, sets legal rules for international trade, promotes equal treatment of national and foreign companies, and aims to increase free trade while eliminating trade barriers

• criticized as being hegemonic because of their right-winged solutions, and benefitting rich countries

Dispute Resolution Mechanism (DRM)

A mechanism within the World Trade Organization that addresses violations of the Non-Discrimination Principle and resolves trade disputes among member countries.

Bretton Woods Agreement

An agreement established in 1944 near the end of WWII that set rules for the global economy, including fixed exchange rates in terms of gold for major currencies.

• Got changed in the 1970’s as gold was hard to store for the USA, they changed it to a floating exchange rate system

International Monetary Fund (IMF)

Established in 1944, it stabilizes the monetary system, provides loans to countries facing economic issues, and aims to increase living standards and economic stability.

World Bank

Established at the end of WWII, a global bank that lends to member countries for development, with conditions such as reducing debt and corruption and promoting democracy and capitalism.

Trade Blocs

Agreements among nations to create trade areas with reduced barriers, promoting free trade, such as NAFTA (North American Free Trade Agreement) and USMCA (United States-Mexico-Canada Agreement) with differences in rules like sourcing requirements for automobile parts.