Global Organizations
This organization promotes international peace and security and includes nearly every country in the world.
What is the United Nations (UN)?
This agreement replaced NAFTA in 2020 and includes the U.S., Mexico, and Canada.
What is the USMCA (United States-Mexico-Canada Agreement)?
This is the value of one currency in terms of another.
What is an exchange rate?
This global event in the 1930s caused widespread poverty and unemployment.
What is the Great Depression?
This is when companies move jobs to countries with cheaper labor.
What is outsourcing?
This organization provides loans to developing countries for development projects like roads and schools.
What is the World Bank?
This European zone allows free movement of people and goods between member countries.
What is the Schengen Area?
This system allows currency value to be set by the supply and demand in foreign exchange markets.
What is a floating exchange rate?
This recent global event disrupted supply chains and exposed weaknesses in global trade.
What is the COVID-19 pandemic?
The off branches of larger TNCs are called this.
What are subsidiaries?
This organization monitors exchange rates and helps countries facing balance-of-payment crises
What is the International Monetary Fund (IMF)?
This type of trade involves the elimination of tariffs and quotas between countries.
What is free trade?
This type of exchange rate is maintained at a set value by a country’s central bank.
What is a fixed exchange rate?
The phrase “race to the bottom” refers to this economic trend in globalization.
What is countries cutting regulations to attract businesses?
This type of government support is often given to local industries to help them compete globally.
What are subsidies?
This organization was created to ensure free and fair trade between nations and settle trade disputes.
What is the World Trade Organization (WTO)?
This is one criticism of free trade agreements from a social perspective.
What is exploitation of workers or lowering labor/environmental standards?
This is a tax on imported goods.
What is a tariff?
The Bretton Woods conference was held because after this event, the economy tanked and no one wanted that to happen again.
What is WW1?
This economist believed government spending could help reduce unemployment during economic downturns.
Who is John Maynard Keynes?
Critics argue this organization enforces economic policies that prioritize free markets over social welfare.
What is the IMF?
This political and economic union includes 27 countries and allows free trade among members.
What is the European Union (EU)?
When countries retaliate against tariffs with more tariffs, it’s known as this.
What is a trade war or tariff war?
The Bretton Woods Conference aimed to prevent a repeat of this crisis.
What is the Great Depression?
This economist supported free markets and less government intervention in the economy.
Who is Friedrich Hayek?