Lesson 3.2bc summary

Causes of Globalisation
- Accelerated due to technological advances, trade liberalization, and economic policies.
World Bank
- Provides loans for development projects and disaster recovery.
- Criticized for not predicting the 2008/9 economic crash and perceived bias towards the US.
Bretton Woods Conference Outcomes
- Established three major organizations: IMF, World Bank, and WTO.

EU Member States
- Comprises 27 countries, including Portugal, Spain, France, Germany, Italy, and more.
Key Aspects of the EU
- Common Agricultural Policy: Financial support for farmers.
- Euro: Common currency for 20 of 27 EU member states; Denmark has an opt-out.
- Freedom of movement: Citizens can live, work, and study in any EU country without restrictions.
- Political and economic integration initiated post-World War II to maintain peace in Europe.
NATO
- Military alliance of North American and European countries, founded in 1949.

EU's Role
- Removes tariffs among member states and imposes tariffs on non-members.
- Supports trade and protects domestic industries.
ASEAN
- Economic community of 10 Southeast Asian nations with large disparities in income levels.
- Focus on minimizing trade barriers and facilitating investment and labor flows.

Free Trade: Unrestricted exchange of goods across borders; promotes globalisation.
Free Market: Prices determined by competition with minimal government interference.
Privatisation: Transfer of state-owned enterprises to private entities; boosts foreign investment.
Tariff: Tax on imports; can protect local industries.
Quota: Limit on specific imports; regulates trade volumes.
Start-ups: Innovative new businesses benefiting from globalised markets.
Transnational Corporations (TNCs): Operate in multiple countries, central to global trade patterns.
Economic Liberalisation: Reduction of government control over the economy to enhance competition.