Economic Regime and Critiques
Rules/norms on specific issues & The state and non-state actors involved in making and implementing those rules
What is an international regime?
Type of governance most important in WTO
What is formal governance?
In Thomas Friedman’s “The Lexus and the Olive Tree,” the “Lexus” and the
“olive tree” symbolize...
What is:
Lexus = symbol of progress, competitiveness, market power
Olive tree = symbol of tradition, identity, roots, sense of belonging to a distinct culture
The approaches to the economic development regime
What are:
- orthodox/neoliberal
- critical/alternative
The types of environmental regimes
What are the global (many countries; broad issues) and restricted (few countries; narrow issues) regimes?
When a nation's security is compromised, other nations need to come to its aid (respect for national sovereignty)
What is collective security?
The creation and implementation of rules and norms in the absence of central authority
What is governance?
IMF actors (3)
What are
- the executive board
- the managing director
- the United States
- other major stakeholders
- all other member-states
This is the major danger of the "new protectionism"
what are subsidy wars with allies?
The goal of the Millennium Development Goals (MDGs)
What is eradicate all poverty through national policies?
This meets present needs without compromising future generations
What is sustainable development?
The paradox observed in African attitudes toward democracy and coups
What are that people support democracy while also supporting coups?
The competing approaches in modern international political economy
What are:
- liberalism/neoliberalism
- mercantilism
- Marxist perspectives
Types of IMF decisions primarily subject to formal rules and to informal
rules
Informal governance: lending decisions
Formal governance: matters of general policy, institutional reforms, and constitutional changes
Who are the winners and losers of globalization in the developed and developing world
Winners: economic elites in developed world
Losers:
- Economic elites in developing countries
- Labor force in developed and developing countries
The orthodox explanation for global hunger
What is that food production cannot keep up with population growth?
This plays a central role in shaping decisions in the environmental regimes
What is scientific knowledge?
The organizations in the UN system that work to promote traditional security (4)
What are:
- UN Security Council
- UN General Assembly
- UN Secretariat
- International Court of Justice
The Washington Consensus
What are policy recommendations that propose privatization, liberalization, and a limited role of government in the economy?
The 3 processes at the WTO
What are
- trade negotiations/bargaining
- dispute settlement mechanism
- accession of new member-states
According to Georgieva (2023), this is happening to globalization...
What is fragmenting into rival economic blocs
The solution the critical approach proposes for reducing global hunger
What is rebuiling local and regional food production systems?
The new geopolitical alliances that made the Paris Agreement on climate change possible, according to Nick Mabey
What are the ambitious coalition (industrialized and developing countries) and equity coalition (only developing countries)?
The goals of UN set by Charter
What are:
- maintain peace and security
- develop friendly relations among nations
- promote cooperation among nations for solving problems
- be a center for harmonizing the actions of nations
Bretton Woods Regimes (+goals)
IMF: manage stability of exchange rates/financial assistance
World Bank: give low-interest loans for development projects
WTO: set rules of international trade
The principle of conditionality (how was it adopted)
the set of economic policy requirements that a country must agree to implement in exchange for receiving financial assistance (loans) from the IMF (consensus between US and Western Europe)
According to Joseph Stiglitz’s “Globalization and Its Discontents Revisited,” this explains opposition to globalization in the developing and in industrialized world...
mismanaged globalization—Globalization is poorly managed by key global institutions
Reasons (2) Africa continues to face economic challenges, according to Ibrahim (2022)
The connection between the use of coal as an energy source and the success of the Paris agreement, according to the article by Boersma and VanDeveer
What is that affordable alternatives to coal need to be found for the Paris Agreement to succeed?
According to Miliband, this explains the gap in support for Ukraine between Western countries and the Global South
What is:
- Deep distrust of Western countries by countries of Global South
- Western countries seen as hypocritical
- Lack of support to countries of Global South