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Unformatted text preview: Prompt 3: Problems are building up in governance structures of the global economic system that was created after World War II, embodied in the IMF and GATT (now WTO), and solutions seem increasingly difficult to find. Many people argue that the system is beginning to "fail." Do you agree or disagree -- and why? [Hint: Your answer should, among other things, indicate what you mean by "fail" and what criteria you are using to judge the system's current performance.] Identify one issue area where you think the system is working reasonably well (or least not too badly) and one where it is clearly working poorly. What, in your opinion, accounts for the difference between the two issues areas? Define Failure—how IMF and WTO are not working as “structures of governance” Ties into the overarching theme Identify the original intent of both: In a broad sense they were instituted to act as “engines of growth” IFMs original intent was development, the WTO was to promote trade and was established under the 2 principles of 1) Non Discrimination and 2) Reciprocity...
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- Winter '10
- International Trade, United States dollar, Bretton Woods, members WTO Failed