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EXPLORING GLOBALIZATION EXAM TERMS 1. ASEAN : Association of Southeast Asian Nations. The Association of Southeast Asian Nations (ASEAN) was formed in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand to promote political and economic cooperation and regional stability. Brunei joined in 1984, shortly after its independence from the United Kingdom, and Vietnam joined ASEAN as its seventh member in 1995. Laos and Burma were admitted into full membership in July 1997. Cambodia became ASEAN’s tenth member in 1999. The ASEAN Declaration in 1967, considered ASEAN’s founding document, formalized the principles of peace and cooperation to which ASEAN is dedicated. The ASEAN Charter entered into force on 15 December 2008. With the entry into force of the ASEAN Charter, ASEAN established its legal identity as an international organization and took a major step in its community-building process. The ASEAN Community is comprised of three pillars, the Political-Security Community, Economic Community and Socio-Cultural Community. ASEAN commands far greater influence on Asia-Pacific trade, political, and security issues than its members could achieve individually. This has driven ASEAN’s community building efforts. This work is based largely on consultation, consensus, and cooperation. 2. Bretton Woods System: the regulatory system introduced at the end of the second world war in an attempt to bring stability to those elements of the world economy under US sphere of influence . the underlying objective of Bretton Woods was to provide sufficient policy space within domestic economies of government to intervene in the ensuring full employment . Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development(IBRD), which today is part of the World Bank Group. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. Currencies were pegged to gold and the IMF was given the authority to intervene when an imbalance of payments arose. 3. Cold War: extended worldwide conflict between communism and capitalism that is normally taken to have begun in 1947 and concluded in 1989 with the collapse of soviet power in Europe. The Cold War was a period of tension and subdued hostility which gripped most of the world between the 1940s and the early 1990s. The primary actors in the Cold War were the United States and its allies, countered by Russia and countries aligned with that nation. 4. Common Agricultural Policy (CAP) is a system of European Union agricultural subsidies and programmes. Europe’s agricultural policy is determined at EU level by the governments of Member States and operated by the
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This note was uploaded on 02/29/2012 for the course POLITICAL POLA83 taught by Professor Skrobacki during the Fall '12 term at University of Toronto- Toronto.

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