Orgs #8 - WEEK 9 ORGS#8 WTO IMF and World Bank Frequently in the news but still oddballs World Trade Organization o They are not a trade block or a

Orgs #8 - WEEK 9 ORGS#8 WTO IMF and World Bank Frequently...

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WEEK 9 ORGS #8 WTO, IMF, and World Bank Frequently in the news but still oddballs World Trade Organization o They are not a trade block or a cartel – it’s not really a business or a business agreement o 153 members – association of countries in the world that helps facilitates and oversees trade o They are protested a lot in today’s world, why? They are seen as a force of globalization – perhaps the most successful form of it All countries are in it and want to became a part of it because this had been the trend of our time to sell more and better International Monetary Fund and the World Bank o Don’t really fit in anywhere nicely o Created after WWII o Conceived as intergovernmental agencies that were kind of under the umbrella of the UN o They’re a full on independent business at this point but are still attached in name They are a business for profit – banks that lend money and want the money bank with interest The members are countries that get together with rules and regulations o Unique because they’re not a trade block or an OPEC or WTO – they are lending money for very specific purposes Out of all of the countries who are members, the richest have the most pull in these organizations o G7 and G8 countries created these entities as they had the most money to put into the kitty IMF o Lends money to governments of sovereign states to stabilize economies and currencies o International credit card World Bank o Eradication poverty is one of their main goals o They lend money for very specific projects i.e. start a chain of schools or disease eradication programs These organizations are much maligned as of late o You’ll see stories about them that makes them look shitty o Lots of protestors – even poorer less developed countries openly hate them
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  • Fall '08
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