eco

Free trade agreement

treaty between two or more countries to establish a free trade area where goods and services can be ducted across borders. Without any form of trade protection such as tariffs or subsidies

Monetary Union

group of economies that use a common currency and has its own central bank.

group of countries join in a formal preferential trade agreement to the exclusion of other countries.

protection

government policies that give domestic producers an artificial advantage over foreign competitors

World Trade organisation

implement global trade agreements
resolve trade disputes between economies
reduce trade barriers

International monetary fund

minimising fluctations when faced with global financial crisis

World Bank

Providing financial and technical assistance, to countries that are underdeveloped to improve economic development

OECD

Consists of countries whose government are committed to maintaining democracy and a market system of economic organisation

United Nations

ensure global cooperation and peace

g20

achieve global economic sustainability, coupled with stable growth
Promotion of financial regulations that reduce the risks of another large financial crisis

effect of protectionist policies

reduce trade between nations
reudce global economic growth by shielding inefficient producers
more dificult to specialise