wh2 ch.38 - • Accounts for 97 of all world trade OPEC •...

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Chapter 38 Gorbachev: Wanted economic reform and liberalization of Soviet society Reform efforts focused on the Soviet economy o Perestroika “restructuring” Decentralize the economy o Glastnost “openness” Opening the Soviet society to republic criticism Ultimately led to Soviet Union’s collapse Helped end the Cold War Collapse of USSR: Due to the Soviet economy disintegrating, many minorities wanted to secede from the Soviet Union due to glastnost o Many republics declared independence and when the largest (Russia) drove for independence the USSR collapsed o President of Russia (Yeltsin) dismantled the communist party GATT///World Trade Organization: An internal trading system that pushed for the elimination of restrictive trading practices that stood in the way of free trade Signed by reps of 23 non communist nations o Signed an agreement to est. world trade organization (WTO) which took over GATT’s activities WTO settles international trading disputes w/power to enforce decisions
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Unformatted text preview: • Accounts for 97% of all world trade OPEC: • Organization of Petroleum Exporting Countries • One of the earliest and most successful economic alliances • Mostly Arab & Muslim member states o Sought to raise the price of oil through cooperation o Had political & economic potential • Ordered an embargo on oil shipments to the US started oil crises due to US being Israel’s ally • OPEC’s policies led to a global recession & debt crisis that hurt developing nations September 11th Attacks: • NYC & Washington DC became targets of a coordinated terrorist attack that was unprecedented • Hijackers seized 4 jetliners and used them as guided missiles • Found out that Osama bin Laden was the mastermind behind the attacks o Convinced he was carrying out God’s will • Resulted in the war in Afghanistan and Iraq o A very costly war both in terms of causalities and expenditures...
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This note was uploaded on 11/03/2011 for the course HISTORY 165 taught by Professor Freeman during the Summer '11 term at Coastline Community College.

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wh2 ch.38 - • Accounts for 97 of all world trade OPEC •...

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