Final Exam POSC 2601 || with Errorless Solutions 100%.

What did the Pax Americana do? correct answers established after WWII, created a liberal economic world order that allowed for various forms of capitalism and a wide variety of trade policies, meaning some states were more protectionist than others. What was the Great Depression? correct answers Global economic collapse that ensued following the US Wall Street stock market crash in October 1929. What is the Bretton Woods system? correct answers system of economic and financial accords that created the IMF, the World Bank, and GATT/WTO following world war II. What is the World Bank Group? (WBG) correct answers a collection of five agencies, first established in 1945, with head offices in Washington, D.C.. The WBG promotes development in medium - and low-income countries with project loans, structural-adjustment programs, and various advisory services. World Trade Organization correct answers A permanent institution established in 1995 to replace the GATT. It has greater powers of enforcement and a wider agenda, covering services, intellectual property, and investment issues, as well as merchandise trade. What is the Marshall Plan? correct answers officially known as the European Recovery Program, foreign aid to Western Europe. The US transferred over 12 billion in economic recovery to Western Europe. What is poverty? correct answers according to the UN, poverty is a denial of choices and opportunities, a violation of human dignity, it means lack of basic capacity provided by material possessions or money participate effectively in society What is the New International Economic Order? correct answers a declaration adopted by the UN General Assembly calling for a restructuring of the international order toward greater equity for developing countries, particularly in reference to a wide range of trade, financial, commodity, and debt related issues. What is a free market? correct answers a market ruled by the forces of supply and demand, where all buying and selling is not constrained by government regulations or interventions Study Major Public Global Governance Agencies on pg. 309 correct answers Interdependence meaning correct answers a condition where states or people are affected by decisions taken by others. interdependence can be symmetric (i.e. both sets of actors can be affected equally) or asymmetric (the impact varies among actors) What is protectionism? correct answers not an economic policy but a variety of political actions taken to protect domestic industries from more efficient foreign procedures. Usually, this means the use of tariffs, non tariff barriers, and subsidies to protect domestic interests.