Global systems
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39 Terms
when was the World Bank set up?
1944
The World Bank and which other system were designed to complement each other?
IMF
purpose of World Bank
provider for support for LICs, aims to reduce poverty by mobilising finances and advising businesses
how many development projects has the World Bank funded?
13,500
how do the World Bank manage to give cheap loans to LICs?
they can borrow money cheaply and charge HICs higher interest so can give LICs more
what kind of project is the World Bank criticised for funding?
top-down projects like large multi-purpose dams which destroyed the environment and did not help reduce poverty
how is voting power in the World Bank determined?
1 share = 1 vote
who has the most voting power in the World Bank?
USA
purpose of the IMF
act as stabiliser and regulator of financial flows
IMF stands for
international monetary fund
what does the IMF monitor?
economic health of the 190 member countries
IMF is described as a lender of…
last resort
how much did the IMF lend out in covid?
$9 trillion
where did much of the IMF’s money lending during covid come from?
G20 countries
what part of the IMF’s financial assistance conditions has been criticised?
been known to impose sever cuts on education and welfare spending
what % of countries were found to be no better off after an IMF loan and when?
50% between 1965 and 1995
when was the WTO set up?
1995
what fraction of the WTO members are developing/least developed countries?
3/4
4 main aims of the WTO
reducing trade barriers
act as arbitrator sorting out trade problems
negotiating legal ground rules for trade
providing stability
how does the WTO provide stability?
by giving nations confidence that there will be no sudden policy changes
when was the Bali Package?
2013
what was the Bali Package?
first multilateral trade agreement in 20 years
the Bali Package removed red tape for customs procedures in how many countries?
159
what is red tape?
excessive bureaucratic regulations either as protectionism or to ensure high quality, safety, or environmental standards
where does the IMF draw its financial resources from?
quota subscriptions of member countries
who benefits more from the WTO’s trading rules and why?
more developed countries because the WTO was set up by HICs
what does the WTO focus on and neglect?
focuses on increasing GDP but not environmental or social impacts
why is the WTO’s pharmaceutical patent system criticised?
poorer countries can’t afford medication. This can only be bypassed in emergencies
who established the IPCC?
World Meteorological Organization and UN environmental programme
when was the IPCC set up?
1988
purpose of IPCC
‘provide policymakers with regular assessments of the scientific basis of climate change, its impacts and future risks, and options for adaptation and mitigation’
how often does the IPCC release reports?
around every 6 years
how have the IPCC’s models got more accurate over time?
resolution of models has increased by factor of 10 over 25 years
what do the IPCC researches struggle to model?
how sensitive Earth will be to rising atmospheric concentrations of greenhouse gases
via which scheme does the World Bank provide special interest-free loans?
International Development Association (IDA)
who accesses loans from the IDA?
countries with per capita income of less than $865 per year
how does the World Bank acquire financial resources?
borrowing on the international bond market
the IMF managing director is always from…
Europe
the World Bank president is always from…
USA