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Exam_2_Study__Guidecd - ITS 201 Exam 2 Study Guide...

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ITS 201 Exam 2 Study Guide Economics Liberal Economic Theory – Adam Smith, promotes individual welfare, markets self-regulating/spontaneous, uneven distribution of wealth, consumer uses cost/benefit analysis, free trade (minimize gov’t influence/lower tariffs) Nationalist Economic Theory – national wealth = power, wants to reduce imports and increase exports, limits others’ competitive advantage, protectionism (tariffs, subsidies, and quotas) Marxist Economic Theory – equitable distribution of wealth, economic relations = foundation of societies, capitalism unequal (capitalists/entrepreneurs vs. workers), cradle to grave welfare (social democracy) Sustainable Development – ability of a nation to meet the needs of present generations without compromising the ability of future generations to meet their own needs Globalization characteristics – increased competition (or not?), internationalized manufacturing, increased trade, better communication/travel Bretton Woods Institutions: WB – World Bank (1944) - an internationally supported bank that provides loans to developing countries for development programs with the stated goal of reducing poverty IMF – International Monetary Fund (1945) - international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance GATT – General Agreement on Tariffs and Trade (1947) - to regulate trade as part of a larger plan for economic recovery after WWII (now WTO) World Trade Organization (1995) - responsible for negotiating and implementing new trade agreements and is in charge of policing member countries' adherence to all the WTO agreements
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Dependency Theory - resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former Neo-Colonialism - existing or past international economic arrangements created by former colonial powers were used to maintain control of their former colonies and dependencies after the colonial independence movements of the post World War II period. What are the current and suggested reforms for the IMF to help small, poor, and/or debt- ridden countries? Financial aid is always bound to so-called "Conditionalities", including Structural Adjustment Programs. Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence
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Exam_2_Study__Guidecd - ITS 201 Exam 2 Study Guide...

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