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Bretton Woods Conference (1944)

Set up the post–WWII international financial system; created the IMF and World Bank.

IMF (International Monetary Fund)

Provides short-term emergency loans to stabilize national currencies.

WTO (World Trade Organization)

Oversees global trade rules; reduces tariffs and resolves trade disputes.

Transnational Corporations (TNCs)

Companies operating in multiple countries; major drivers of globalization.

GDP (Gross Domestic Product)

Total value of goods and services produced within a country.

European Union (EU)

Supranational union with a shared market and common currency for many members.

OPEC

Cartel of oil-exporting nations that coordinates production and influences global oil prices.

Asian Tigers

Fast-growing East Asian economies: South Korea, Taiwan, Hong Kong, Singapore.

Neoliberalism

Economic ideology favoring free markets, deregulation, and privatization.

Fascism

Extreme nationalism + total state control; rejects democracy and communism.

Liberalism

Supports individual rights, democracy, and free-market economics.

Socialism

Advocates collective/state ownership to reduce inequality.

Communism

Seeks a classless, stateless society by ending private property.

Feminism

Movement for social, political, and economic equality of all genders.

Globalization

Increasing worldwide interconnectedness through trade, tech, and culture.

Cold War

US–USSR rivalry with political and military tension but no direct war.

NATO

Western military alliance formed in 1949 to deter Soviet aggression.

Warsaw Pact

Soviet-led military alliance of Eastern Europe created in 1955.

Cuban Missile Crisis (1962)

Nuclear standoff after USSR placed missiles in Cuba; closest the world came to nuclear war.

Nationalism in Communism

National interests outweighed communist unity (e.g., Sino-Soviet split).

Proxy Wars

Conflicts funded or supported by the superpowers (Korea, Vietnam, Afghanistan).

Import Substitution

Economic strategy to replace imports with local industry by restricting foreign goods.

Globalization of Industrialization

Spread of manufacturing to developing nations.

Technology and Inequality

New technology widens the gap between tech-rich and tech-poor (digital divide).

Pushback/Resistance to Globalization

Opposition from groups who feel globalization harms local jobs or sovereignty.